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The FAAC meeting, led by Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, revealed a total distributable revenue of N1.143 trillion. This included N157.183 billion from statutory revenue, N463.425 billion from VAT, N15.146 billion from the Electronic Money Transfer Levy, and N507.456 billion from exchange differences.
Deductions for the cost of collection totaled N76.647 billion, and transfers, interventions, and refunds amounted to N1,104.935 billion.
In May, gross statutory revenue was N1.223 trillion, slightly lower by N9.604 billion compared to April’s N1.233 trillion. VAT revenue in May was N497.665 billion, also lower by N3.255 billion compared to April’s N500.920 billion.
