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From Uche Usim, Abuja
The Federal Government, 36 States, the Federal Capital Territory (FCT) and 774 Local Government Areas shared N605.958 billion as the Federation Accounts Allocation Committee (FAAC) fund for May.
The figure was reached through a virtual conference on Wednesday.
From this 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 N242.120 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).
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The communique issued by FAAC at the end of the meeting, indicated that the gross revenue available from the Value Added Tax (VAT) for May, 2021 was 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 distribution is as follows; the Federal Government got N25.260 billion, the States received N84.202 billion, and Local Government Councils got N58.941billion.
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 billon, States got N89.037 billion, LGCs got N69.644 billion, and Derivation (13% Mineral Revenue) got N24.666 billion.
The communique also revealed that Companies Income Tax (CIT), and Oil and Gas Royalties, Import and Excise Duty recorded decreases. Only Value Added Tax (VAT) increased, although, marginally.
The communique however disclosed that total revenue distributable for the current month inclusive of 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 and an augmentation from Non-Oil of N50 billion and N20 billion bringing the total distributable revenue to N605.958 billion.
