June 2, 2023/Coronation Research

The latest gross monthly distribution for the Federation Account Allocation Committee (FAAC) to the three tiers of government and public agencies amounted to N655.9bn in May ’23 (from April revenue).

This was a decline of -8.2% or N58.7bn from the previous payout and can be partly attributed to a significant decline in petroleum profit tax (PPT), company income tax (CIT), import and excise duties, oil and gas royalties as well as income from VAT. Meanwhile, contribution from the electronic money transfer levy (EMTL) increased considerably.

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