Suggestions

  • World
  • Business
  • Opinion
  • Home
  • Latest News
    • Africa
      • AMA News
    • World
  • Markets
    • Foreign Exchange
  • Business & Economy
    • Transport
    • Oil & Gas
    • Agro-Economy
    • Personal Finance
  • Politics
  • Opinion
  • Editorial
  • TECHNOLOGY
  • Insights
    • Prime Health360
    • Personal Finance
  • AMA News
  • Entertainment
    • Lifestyle
      • Events
    • Sports
    • PRIME TV




Business

Three Revenue Sources That Helped Nigerian Gov’t Make ₦680.78 billion From Nigerians In One Months

by Fakoyejo Olalekan
2 months ago
2 mins read
Share this
  • Facebook
  • Twitter
  • Linkedin
  • Whatsapp
  • Email

The Federal, States and Local Governments received ₦680.783 billion from the Federation Account Allocation Committee (FAAC) in May 2022. This includes funds generated from Value-Added Tax (VAT) and Electronic Money Transfer Levy (EMTL).

Amount shared by the three tiers of governments is more than the allocation received in April, which was ₦636.602 billion. This is a 6.7% growth, representing an increment of ₦44.181 billion.

The funds shared last month were drawn from distributable statutory revenue, which contributed ₦385.004 billion, VAT accounted for ₦198.512 billion, with ₦97.267 billion generated from electronic money transfer levy.

A breakdown of the May allocation showed that ₦229.563 billion was given to the Federal Government, ₦241.824 billion was sent to the states, and LGAs received ₦175.942 billion, according to communique covering the period under review.

READ ALSO  FG’s Debt Servicing Hits $101m – CBN Reports

FG was allocated ₦185.197 billion out of the funds from the distributable statutory revenue, with ₦93.934 billion and ₦72.419 billion going to States and Local Governmenta respectively.

The Communique stated that as part of the 13% derivation revenue, about ₦33.454 billion was sent to relevant states.

It was gathered that the gross statutory revenue of last month fell short of the ₦635.037 billion received in April, as FAAC recorded ₦589.952 billion for the period of May 2022 – a difference of ₦45.085 billion.

Note that while the gross revenue from the Value-Added Tax was ₦213.179 billion in May (₦178.825 billion/April), the distributable figure of ₦198.512 billion was shared among the Nigerian governments.

READ ALSO  VAT CONTROVERSY: Lagos Chamber Canvasses New Sharing Formula In States

The Federal Government received ₦29.777 billion, FAAC allocated over N99.256 billion to States, and the local governments got ₦69.479 billion last month, the communique revealed.

In the share of the electronic money transfer levy, the states received the highest, collecting ₦48.634 billion, while the Local Governments got ₦34.048 billion, and the Federal Government went home with ₦14.590 billion.

Meanwhile, the cost of collection of the funds from Nigerians and businesses is ₦36.996 billion, and it was deducted from the allocation, while ₦186.672 billion was reported as total deductions for transfers and refunds.

At the end of May, $35.777 million was the balance of the excess crude account (ECA).

READ ALSO  'Hacker' Takes Over NNPC Twitter Account, Predicts Bola Tinubu's Running Mate For 2023 Election
Fakoyejo Olalekan
+ posts
  • Fakoyejo Olalekan
    https://www.primebusiness.africa/author/fakoyejo/
    Femi Adesina Praises China For Nigeria’s Improved Railway, Aviation Infrastructure
  • Fakoyejo Olalekan
    https://www.primebusiness.africa/author/fakoyejo/
    New Research Shows Abia, Ebonyi, Taraba Owing Workers Six Months Salary
  • Fakoyejo Olalekan
    https://www.primebusiness.africa/author/fakoyejo/
    Elon Musk Offers To Import Raw Material From Nigeria For Tesla Vehicles
  • Fakoyejo Olalekan
    https://www.primebusiness.africa/author/fakoyejo/
    CBN's Emefiele Defends Rising Debt Under Buhari, As World Bank Ranks Nigeria Fourth Chronic Debtor

Tags:

  • Electronic Money Transfer Levy
  • EMTL
  • FAAC
  • Federation Account Allocation Committee
  • Value Added Tax
  • VAT

Don't Miss

Let Our Convention Reflect True Democracy, Buhari Charges Adamu, APC Govs
1 week ago

Cost of Goods Set To Rise Again, As Governors Want Buhari To Increase VAT to 20 percent

3 weeks ago

Umar Yahaya: FG Takes Major Step In Accessing Unclaimed Dividends, Threatening Shareholders’ Investments

1 month ago

Top Five Nigerian States With Highest Debt Repayment

Fakoyejo Olalekan

    Leave a Reply Cancel reply

    Your email address will not be published.

    Polls

    Who Would You Vote as Nigeria’s President In 2023?

    MOST READ

    01

    Who Would You Vote as Nigeria’s President In 2023?

    1 month ago

      Poll expires September 11, 2023 READ ALSO  VAT: South-South

    02

    Commonwealth Games Update: Nigeria Wins Bronze In Men’s 4x100m Men’s Relay

    1 week ago

    Nigeria's 4x100m relay men on Sunday afternoon won Bronze in

    03

    Ukraine-Russia Crisis: Nigerian Embassy In Hungary Receives Affected Nationals

    6 months ago

    The Nigerian embassy in Hungary has informed nationals resident in

    04

    President Buhari Lauds Team Nigeria On Commonwealth Games Feat

    6 days ago

    President Muhammadu Buhari has joined millions of Nigerians in congratulating

    05

    Gombe Governorship Aspirant Urges Voters To Get PVCs

    4 months ago

    Governorship aspirant of the Peoples Democratic Party (PDP), in Gombe

    Follow Us

    Post navigation

    BET Awards: Wizkid,Tems Win Big At 2022 Event
    Why Chief Justice Of Nigeria Muhammad Resigned

    About Us

    PrimeBusiness.Africa is Nigeria’s most trusted independent online newspaper covering Africa’s socio-economic issues, trade and investment; it provides informed perspectives on economic and political events in Nigeria and Africa.

    • About
    • Adverts
    • Contact Us
    • Privacy Policy

    REACH US

    25 Osolo Way, Ajao Estate, Isolo, Lagos
    +234 809 400 0017
    editor@primebusiness.africa

    Follow on Social Media

    © Newstide Publications 2022 - All Rights Reserved.

    • Home
    • Latest News
      • Africa
        • AMA News
      • World
    • Markets
      • Foreign Exchange
    • Business & Economy
      • Transport
      • Oil & Gas
      • Agro-Economy
      • Personal Finance
    • Politics
    • Opinion
    • Editorial
    • TECHNOLOGY
    • Insights
      • Prime Health360
      • Personal Finance
    • AMA News
    • Entertainment
      • Lifestyle
        • Events
      • Sports
      • PRIME TV
    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
    Cookie settingsACCEPT
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT