- Excess Crude Account balance now $63m
Ndubuisi Francis in Abuja
The Federation Account Allocation Committee (FAAC) Thursday shared a total of N679.699 among the three tiers of government—the federal, state and local governments—as allocation for the May.
The amount, shared at a joint meeting of FAAC, which held in Kano, 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 communiqué issued after the meeting by the FAAC Technical Committee indicated that the cost of collection/transfers/FIRS refund stood at N26.498 billion.
Gross revenue available from VAT for May was N106.826 billion when compared to the N96.485 billion distributed in 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 April by N52.815 billion.
According to the communiqué, revenues from Oil Royalty and Companies Income Tax (CIT) recorded significant increases while Petroleum Profit Tax (PPT) decreased significantly.
Import Duty and VAT also recorded marginal increases.
The committee also said as at yesterday, June 27, 2019, the Excess Crude Account (ECA) had a balance of $63.005 million.