FG, States, LGs Share N605.958bn for May

By Ndubuisi Francis

The Federation Accounts Allocation Committee (FAAC) Wednesday shared to the three tiers of government, a total sum of N605.958 billion as federation allocation for the month of May 2021.

The shared amount is N10.928 billion lower than the N616.886 billion distributed for the preceding month of April.

The Director (Information), Ministry of Finance, Budget and National Planning, Charles Nwodo, in a statement said from the N605.958 billion, which was shared at FAAC’s virtual conference, including the 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 36 states of the federation received N194.195 billion, the local government councils got N143.742 billion, while the oil producing states received N26.901 billion as mineral revenue under the 13 per cent derivation principle.

The communique issued by FAAC at the end of the meeting, indicated that the gross revenue available from 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.

From this, the federal government got N25.260 billion, the states received N84.202 billion, while the local government councils got N58.941 billion.

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 and states got N89.037 billion.

Others are local governments, N69.644 billion, and 13 per cent derivation (N24.666 billion).

The communiqué also revealed that Companies Income Tax (CIT), and oil and gas royalties, import and excise duty recorded decreases. Only VAT recorded a marginal increase.