FG, States And LGs Share N605.95bn In May

The committee also stated that the Federal Government received N242.120bn, the states got N194.195bn while the LGs received N143.742bn.

Minister of Finance and Budget planning, Mrs. Zainab Ahmed, says government is worried over the fate of oil revenue / Photo credit: premiumtimesng.com
Minister of Finance and Budget planning, Mrs. Zainab Ahmed, says government is worried over the fate of oil revenue / Photo credit: premiumtimesng.com

The Federal Accounts Allocation Committee (FAAC) on Wednesday said it shared a total of N605.958bn as May 2021 revenue to the Federal, States and Local Governments as well as other relevant agencies.

Mr, Charles Nwodo, Director, Information, Ministry of Finance, Budget and National Planning, in a statement in Abuja, said the amount was shared during a virtual conference of the committee.

The committee, in a communique, noted that the N605.958bn shared included cost of collection to the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

The committee also stated that the Federal Government received N242.120bn, the states got N194.195bn while the LGs received N143.742bn.

It added that the oil producing states received N26.901bn as derivation (13 per cent of mineral revenue).

According to the committee, the Gross Revenue available from the Value Added Tax (VAT) for May 2021 was N181.078bn as against N176.710bn distributed in the preceding month of April 2021.

This resulted in an increase of N4.368bn.

It said, “The distribution is as follows; Federal Government got N25.260bn, the States received N84.202bn, and Local Government Councils got N58.941bn.

“The distributed Statutory Revenue of N428.198bn received for the month was lower than the N497.385bn received for the previous month by N69.197bn, from which the Federal Government received N175.541bn, States got N89.037bn, LGs got N69.644bn, and Derivation (13 per cent Mineral Revenue) got N24.666bn.”

The committee also revealed that Companies Income Tax (CIT), and Oil and Gas Royalties, Import and Excise Duty recorded decreases, while only VAT increased, although, marginally.

It said the total revenue distributable for the current month was inclusive of Gross Statutory Revenue of N357.888bn, VAT of N168.403bn, Solid Mineral Revenue of N7.940bn, Exchange Gain of N1.727bn and an augmentation from Non-Oil of N50bn and N20bn.

The committee said this brought the total distributable revenue to N605.958bn.

(NAN)

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