The three tiers of government have shared N786.16bn May revenue among themselves according to the Federation Account Allocation Committee report.
PUNCH reports that the figure represents an increase of N130.23bn compared to the N655.93bn shared in April 2023, and it is the highest this year and the first increase following a constant decline since January.
FAAC disclosed this in a communiqué issued at the end of its latest meeting in Abuja on Thursday.
The meeting was chaired by the new Accountant General of the Federation, Dr Oluwatoyin Madein.
The total amount includes gross statutory revenue, Value Added Tax, Augmentations from Forex and Non-oil Mineral Revenue, and electronic money transfer levies.
The communique read, “The N786.16bn total distributable revenue comprised distributable statutory revenue of N519.55bn, distributable Value Added Tax revenue of N251.61bn, Electronic Money Transfer Levy of N14.37bn, and Exchange Difference revenue of N0.64 bn.”
The Federal Government received N301.89bn, the states received N265.88bn, and the local government councils got N195.54bn, while the oil-producing states received N22.86bn as derivation (13 per cent of mineral revenue).
