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FG, states, LGs share N605b May revenue

The Federation Accounts Allocation Committee (FAAC), at its June meeting shared to the three tiers of government, N605.958 billion as federation allocation for May 2021.…

The Federation Accounts Allocation Committee (FAAC), at its June meeting shared to the three tiers of government, N605.958 billion as federation allocation for May 2021.

The communiqué released at the end of the meeting showed that from the above amount, inclusive cost of collection to the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the federal Inland Revenue Service (FIRS), the federal government received N242.120bn, the states received N194.195bn, the Local Government Areas (LGAs) got N143.742bn while the oil-producing states received N26.901bn as derivation (13% of Mineral Revenue).

The communiqué by FAAC also indicated that the gross revenue from the Value Added Tax (VAT) for May, 2021 was N181.078bn as against N176.710bn distributed in the preceding month of April 2021, resulting in an increase of N4.368bn.

The distribution is as follows; the federal government got N25.260bn, the states received N84.202bn, and LGAs got N58.941bn.

The distributed Statutory Revenue of  N428.198bn for May was lower than the N497.385bn received in April by N69.197bn, from which the federal government received N175.541bn, states got N89.037bn, LGAs got N69.644bn, and Derivation (13% Mineral Revenue) got N24.666bn.

The communiqué also revealed that Company Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duty recorded decreases; only the VAT increased marginally.

It disclosed that total revenue distributable for May was N605.958bn derivable from Gross Statutory Revenue of N357.888bn, N168.403bn from VAT, Solid Mineral Revenue of N7.940bn, Exchange Gain of N1.727bn and an augmentation from non-oil of N50bn and N20bn.

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