This is according to a communiqué issued at the end of FAAC meeting for June 2023, chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.
FAAC’s spokesman, Bawa Mokwa, said in a statement on Thursday that the N786.161 billion total distributable revenue comprised distributable statutory revenue of N519.545 billion, distributable Value Added Tax (VAT) revenue of N251.607 billion, Electronic Money Transfer Levy (EMTL) of N14.370 billion, and Exchange Difference revenue of N0.639 billion.
According to FAAC, in May 2023, the total deductions for cost of collection were N38.238 billion and total deductions for transfers and refunds was N163.193 billion.
The committee put the balance in the Excess Crude Account (ECA) at $473,754.57.
It explained that the federal government received N301.889 billion, State Governments received N265.875 billion and Local Government Councils received N195.541 billion even as it said a total sum of N22.855 billion was shared to the relevant States as 13% derivation revenue.