The Federation Account Allocation Committee (FAAC) has approved the sharing of a total sum of N786.161 billion to the three tiers of government as revenue
According to a statement that was issued at the end of the monthly FAAC meeting yesterday, N270.197 billion came in from VAT, which is an increase from the N217.743 billion distributed in the preceding month.
From that amount, the Federal Inland Revenue Service took the sum of N10.808 billion as costs of tax collection and the sum of N7.782 billion given for transfers and refunds. The remaining sum of N251.607 billion was distributed to the three tiers of government of which the federal government got N37.741 billion, states: N125.804 billion, and LGAs: N88.062 billion.
Also, the sum of N14.969 billion from electronic money transfer levy was distributed to the three tiers of government as follows: the federal government received N2.155 billion, States got N7.185 billion, LGAs received N5.030 billion, and N0.599 billion was allocated for cost of collection, the statement said.
Also, the N0.639 billion that was received from the exchange differential was shared saw the federal government taking N0.307 billion, states N0.156 billion, the sum of N0.119 billion allocated to the local governments, and N0.057 billion given for 13 percent derivation. The FAAC report showed that the total revenue distributable for the current month of May, was drawn from statutory revenue of N519.545 billion, VAT of N251.607 billion, N14.370 billion from electronic transfer, N0.639 billion from exchange difference, bringing the total distributable amount for the month of May, 2023 to N786.161 billion.
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