Federation Accounts: Tiers of Government Share ₦547.309 billion
The Federation Accounts Allocation Committee (FAAC) on Wednesday shared ₦547.309 billion to the three tiers of government for the month of May.
Hassan Dodo, the Director of Information in the Ministry of Finance, Budget and National Planning, made this known in a statement in Abuja.
He said the virtual meeting was chaired by the Permanent Secretary in the ministry, Dr. Mahmoud Isa-Dutse.
He explained that from this amount, the Federal Government received ₦219.799 billion, States got ₦152.436 billion while Local Government Councils received ₦114.095 billion.
The amounts shared include revenues from Value Added Tax (VAT), Exchange Gain and Excess Bank Charges recovered.
He said the oil producing states received ₦37.021 billion 13 percent derivation fund.
However, he stated that cost of collection of Federal Inland Revenue Fund (FIRS) Refund Allocation to North East Development Commission (NEDC) was ₦23.958 billion.
Dodo, while quoting the communique issued at the end of the FAAC meeting, said: “The Gross Revenue available from the VAT for May was ₦103.873 billion.
This is against ₦94.498 billion distributed in the preceding month of April resulting in an increase of ₦9.377 billion.
Federal Government got ₦14.490 billion, the States received ₦48.301 billion, and Local Government Councils had ₦33.811 billion.
Meanwhile, cost of collection and FIRS Refund/Allocation to NEDC was ₦7.271 billion.
“The distributed Statutory Revenue of ₦413.953 billion received for the month was higher than the ₦370.411 billion received for the previous month by ₦43.542 billion.
From this, FG got ₦191.580 billion, States received ₦97.172 billion and LG got ₦74.915 billion.
“Derivation got ₦33.599 billion and Cost of Collection was ₦16.687 billion.”
The director noted that the communique also revealed that Petroleum Profit Tax (PPT), Import Duty and VAT recorded increases.
But Companies Income Tax (CIT), Oil Royalty and Excise Duty recorded decreases.
Federation Accounts: Tiers of Government Share ₦547.309 billion for May.