The Federal Government, State Government and Local Government shared ₦1.143 trillion from the Federation Account or the month of May.
The Federal Government received ₦365.813 billion, the state governments got ₦388.419 billion, and ₦282.476 billion was shared to Local Governments.
The revenue shared comprises of statutory revenue of ₦157.183 billion, Value Added Tax (VAT) revenue of ₦463.425 billion, Electronic Money Transfer Levy (EMTL) revenue of ₦15.146 billion and Exchange Difference revenue of ₦507.456 billion.
The revenue was shared at the Federation Account Allocation Committee (FAAC) meeting on Monday chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
“Gross statutory revenue of ₦1.223 trillion was received for the month of May 2024. This was lower than the sum of ₦1,233 trillion received in the month of April by N9.604 billion,” it said .
“The sum of ₦41.371 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue. The Federal Government received ₦69.514 billion, the state governments received ₦231.713 billion, and the LGCs received ₦162.199 billion from the ₦463.425 billion VAT revenue.”
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