The Federation Accounts Allocation Committee (FAAC) on Wednesday shared a total of N605.958 billion as federation allocation for the month of May 2021 among the three tiers of government.
In a statement Charles Nwodo, Director of Information Ministry of Finance, said that the money was shared during a Virtual Conference late Wednesday.
According to the committee, the total distributable revenue for May comprised 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.
From the amount, 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 committee indicated that the Gross Revenue available from the Value Added Tax (VAT) for May, 2021 increased to N181.078 billion from N176.710 billion distributed in April, 2021. The distributable VAT was shared as follows; Federal Government received N25.260 billion, the States received N84.202 billion, and Local Government Councils got N58.941billion.
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On the other hand, the Gross Statutory Revenue of N428.198 billion for May was lower than the N497.385 billion in April. The Federal government received N175.541 billon, States got N89.037 billion, LGCs got N69.644 billion, and Derivation N24.666 billion for 13% Mineral Revenue from the distributable Statutory Revenue.
Decreases were also recorded in the Companies Income Tax (CIT), and Oil and Gas Royalties, Import and Excise Duty.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.