*Excess Crude Account balance now $63m
By Ndubuisi Francis in Abuja and Ibrahim Shuaibu in Kano
The Federation Account Allocation Committee (FAAC), at its joint session in Kano, Thursday shared a total of N679.699 billion among the three tiers of government as allocation for the month of May.
The amount includes total revenue distributable for the month, including Value Added Tax (VAT) of N106.826 billion and Exchange Gain of N1.142 billion.
A breakdown of the distribution to the various tiers of government including the cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS) showed that the federal government received N284.163 billion, representing 52.68 per cent, the states received N187.605 billion or 26.72 per cent.
The local government councils got N140.997 billion, representing 20.60 per cent, while the oil producing states received N40.436 billion as 13 per cent derivation revenue.
A communique issued after the meeting by the FAAC Technical Committee indicated that the cost of collection/transfers/FIRS refund stood at N26.498 billion.
The gross revenue available from VAT for the month of May 2019 was N106.826 billion when compared to the N96.485 billion distributed in the previous (April), resulting in an increase of N10.341 billion.
Distributable statutory gross revenue of N571.731 billion received for the month was higher than the N518.916 billion received in the previous month by N52.815 billion.
According to the communique, revenues from Oil Royalty and Companies Income Tax (CIT) recorded significant increases while Petroleum Profit Tax (PPT) decreased significantly.
Meanwhile, Import Duty and VAT also recorded marginal increases.
Furthermore, the committee disclosed that as at June 27, 2019, the Excess Crude Account (ECA) had a balance of $63.005 million.