Federation Account Allocation Committee (FAAC) (May 2023 Disbursement)

Key Highlights

1.The Federation Account Allocation Committee (FAAC) total disbursement for the month of May, 2023 was sum of N976.34 billion to the three tiers of government from the total revenue generated in April, 2023.
2. The amount disbursed accumulated from, N480.78 billion from the Statutory Account, N16.68 billion obtained from Solid Minerals N70.00 billion derived from Forex Equalisation N34.00 billion generated from Non-Oil Excess Account N95.52bn generated from Electronic Money Transfer Levy (EMTL) within the periods of January – August, 2022 and May 2023, N61.61 billion gotten from FGN Treasury Crude Account and,  N217.74bn generated from Valued Added Tax (VAT).
3. The three tiers of government total receipt of allocation for the month of May, 2023 were as follows, Federal Government with a total of N274.84bn, States with a total of N290.71bn and, Local Governments with a total of N213.67bn.
4. The sum of N45.60bn was shared among the oil-producing states from the 13% derivation fund

Data source: National Bureau of Statistics