FAAC: FG, states, LGAs share N680bn
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The federation account allocation committee (FAAC) says it shared N680.783 billion with the federal, states and local governments for May 2022.
FAAC said this in a communiqué issued on Friday at the end of its meeting for June 2022, in Abuja.
The figure represents an increase of N44.181 billion (6.7 percent) compared to April when the three tiers shared N636.602 billion.
The total distributable revenue of N680.783 billion comprised statutory revenue of N385.004 billion, value-added tax (VAT) of N198.512 billion and electronic money transfer levy (EMTL) revenue of N97.267 billion.
According to the communiqué, in May 2022, the total deductions for the cost of the collection were N36.996 billion and total deductions for transfers and refunds were N186.672 billion.
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It added that the federal government received N229.563 billion, states received N241.824 billion and LGAs got N175.942 billion.
