The Federation Accounts Allocation Committee (FAAC) yesterday shared a total sum of N605.958bn as federation allocation for the month of May to the three tiers of government.
From this amount, inclusive cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and Federal Inland Revenue Services (FIRS), the Federal Government, received N242.120 billion, the states received N194.19bn, and local government councils got N143.742 billion, while oil-producing states received N26.901 billion as derivation.
These were disclosed in a statement issued in Abuja by the spokesperson of the federal ministry of finance, budget and national planning, Mr. Charles Nwodo.
The communiqué issued by the committee at the end of the meeting indicated that the gross revenue available from the Value Added Tax for May was N181.078 billion as against N176.710 billion distributed in April, resulting in an increase of N4.368 billion.
It outlined the distribution as follows: federal government got N25.260 billion, the states received N84.202 billion, and local government councils got N58.941 billion.
The distributed statutory revenue of N428.198 billion received for the month was lower than the N497.385bn received for the previous month by N69.197 billion.
From this, the federal government received N175.541 billion, states got N89.037 billion, local government areas got N69.644 billion, and 13 per cent derivation from mineral revenue got N24.666 billion.
According to the communiqué, companies income tax, and oil and gas royalties, import and excise duty recorded decreases, while vat increased marginally.
It also revealed that the total distributable revenue of N605.958 billion for May was inclusive of gross statutory revenue of N357.888billion, VAT of N168.403 billion, solid mineral revenue of N7.940 billion, exchange gain of N1.727 billion, and augmentation from non-oil of N70 billion.
