Abuja: The Federation Account Allocation Committee (FAAC) has distributed a total of N1.659 trillion as May 2025 revenue among the Federal Government, States, and Local Government Councils (LGCs). The revenue-sharing took place during FAAC's June meeting in Abuja.
According to News Agency of Nigeria, a communiqu© released at the end of the meeting by Mr. Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, detailed the distribution of the revenue. The N1.659 trillion total distributable revenue included statutory revenue of N863.895 billion and Value Added Tax (VAT) of N691.714 billion. It also included an Electronic Money Transfer Levy (EMTL) of N27.667 billion and an Exchange Difference of N76.614 billion.
The communiqu© revealed that a total gross revenue of N2.942 trillion was available in May. From this, total deductions for the cost of collection amounted to N111.908 billion, while total transfers, interventions, and refunds were N1.171 trillion. The gross statutory revenue for May was N2.094 trillion, slightly higher than April's N2.084 trillion by N10.023 billion. Additionally, the gross revenue from VAT in May was N742.820 billion, an increase of N100.555 billion from April's N642.265 billion.
The distribution of the N1.659 trillion total revenue saw the Federal Government receiving N538.004 billion, while the state governments received N577.841 billion. The LGCs were allocated N419.968 billion, and N124.076 billion (13 percent of mineral revenue) was shared among the benefiting states as derivation revenue. From the N863.895 billion statutory revenue, the Federal Government received N393.518 billion, state governments received N199.598 billion, and LGCs received N153.881 billion, with N116.898 billion in derivation revenue going to the benefiting states.
From the N691.714 billion VAT revenue, the Federal Government's share was N103.757 billion, the state governments received N345.857 billion, and the LGCs received N242.100 billion. The N27.667 billion EMTL was divided with the Federal Government receiving N4.150 billion, the state governments N13.833 billion, and the LGCs N9.683 billion. For the N76.614 billion Exchange Difference revenue, the Federal Government received N36.579 billion, the state governments N18.553 billion, and the LGCs N14.304 billion, with N7.178 billion in derivation revenue allocated to the benefiting states.
The communiqu© also highlighted significant increases in Companies Income Tax (CIT), VAT, and Import Duty in May, while CET Levies, Petroleum Profit Tax (PPT), Oil and Gas Royalty, and EMTL saw decreases. Excise Duty experienced only a marginal increase.