FAAC Shares N606bn to FG, States and LGCs

The communique issued by the Federation Accounts Allocation Committee (FAAC) after a virtual meeting on Wednesday indicated that the sum of N606.958 billion has been shared as federation allocation to the three tiers of government.

The amount shared represented revenues that accrued to the Federation Account and proceeds from the Value Added Tax (VAT) and other sources, in the month of May. Details of the revenue distributable for the current month included Gross Statutory Revenue of N357.888 billion, Value Added Tax (VAT) of N168.403 billion, Solid Mineral Revenue of N7.940 billion, Exchange Gain of N1.727 billion, an augmentation from Non-Oil of N50 billion and N20 billion bringing the total distributable revenue to N605.958 billion.

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The amount, was said to be inclusive of the cost of collection to NCS, DPR and FIRS, the Federal Government received N242.120 billion, the States received N194.195 billion, the Local Government councils got N143.742 billion while the oil producing states received N26.901 billion as derivation (13% of Mineral Revenue).

The distributed Statutory Revenue of N428.198 billion received for the month was lower than the N497.385 billion received for the previous month by N69.197 billion, from which the Federal government received N175.541 billion, States got N89.037 billion, LGCs got N69.644 billion, and Derivation (13% Mineral Revenue) got N24.666 billion

The Committee put the Gross Revenue available from the Value Added Tax (VAT) for May, 2021 at N181.078 billion as against N176.710 billion distributed in the preceding month of April, 2021, resulting in an increase of N4.368 billion.

The federal government got N25.260 billion, states received N84.202 billion, while Local Government Councils got N58.941billion.

Companies Income Tax (CIT), and Oil and Gas Royalties, Import and Excise Duty recorded decreases, according to the communiqué. Only Value Added Tax (VAT) increased, although, marginally.