Federal Government, states, Local Councils share N605.958bn May 2021

*Nigeria’s Federal Accounts Allocation Committee indicates the distributed statutory revenue of received for May was lower than that of April 2021 by N69 billion

Emmanuel Akosile | ConsumerConnect

Nigeria’s Federal Accounts Allocation Committee (FAAC) has disclosed that it shared a total of N605.958billion as May 2021 revenue to the Federal Government, States and Local Government Councils (LGs) as well as other relevant Ministries, Departments and Agencies (MDAs).

Charles Nwodo, Director of Information, Ministry of Finance, Budget and National Planning, in a statement Wednesday, June 23 in Abuja, FCT, said the amount was shared during a virtual conference of FAAC.

The committee noted in the statement, that the N605.958 billion shared included cost of collection to the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

The Committee said of the lot, the Federal Government received N242.120billion, the states got N194.195billion, while the LGs received N143.742billion respectively.

The oil producing states received N26.901 billion as derivation (13 percent of mineral revenue), FAAC stated.

According to the committee, the Gross Revenue available from the Value Added Tax (VAT) for May 2021 was N181.078billion as against N176.710billion distributed April 2021, translating into an increase of N4.368billion.

The Committee said: “The distribution is as follows; Federal Government got N25.260 billion, the States received N84.202billion, and Local Government Councils got N58.941billion.

“The distributed Statutory Revenue of N428.198billion received for the month was lower than the N497.385billion received for the previous month by N69.197 billion, from which the Federal Government received N175.541billion, States got N89.037 billion, LGs got N69.644billion, and Derivation (13 percent Mineral Revenue) got N24.666billion.”

It further stressed that Companies Income Tax (CIT) and Oil and Gas Royalties, Import and Excise Duty recorded decreases, while only VAT increased, although, marginally.

The total revenue distributable for the current month was inclusive of Gross Statutory Revenue of N357.888billion, VAT of N168.403billion, Solid Mineral Revenue of N7.940 billion, Exchange Gain of N1.727billion and an augmentation from Non-Oil of N50 billion and N20billion, it noted.

FAAC added this brought the total distributable revenue to N605.958 billion in May.

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