CEM REPORT | The three tiers of government have shared the sum of N680.783 billion as federation allocation from revenues earned in the month of May.
The revenue which was shared by the Federation Account Allocation Committee (FAAC) was drawn from from Statutory Revenue of N385.004 billion, Value Added Tax (VAT) of N198.512 billion and Electronic Money Transfer Levy (EMTL) of N97.267 billion.
From the total sum, the Federal Government received N229.563 billion, States received N241.824 billion, while Local Government Councils received N175.942 billion, Oil Producing states received an additional 13% of Mineral Revenue summing up to N33.454 billion as derivation, Vanguard reports.
Furthermore, the country earned N385.004 billion as Gross Statutory Revenue, of which Federal Government was allocated N185.197 billion, States N93.934 billion, Local Government Councils N72.419 billion, and Oil Derivation (13% Mineral Revenue) N33.454 billion.
Further analysis reveals that Gross Revenue for Value Added Tax (VAT) stood at N189.512 billion. Of which the Federal Government was disbursed N29.777 billion, States N99.256 billion while Local Government Councils received N69.479 billion.
The FAAC further disclosed that a total of N97.267 billion was recovered from the Electronic Money Transfer Levy (EMTL) from which the Federal Government got N14.950 billion, State received N48.634 billion and Local Government Councils got N34.043 billion.
The balance in the Excess Crude Account (ECA), as at 24th June, 2022 was put at $35.377 million.
