The Federal Government, states and Local Government Councils (LGCs) have shared N605.958 billion as federation allocation for the month of May.
Mr Charles Nwodo, Director, Information in the Ministry of Finance, Budget and National Planning said this was according to a virtual conference of the Federation Accounts Allocation Committee (FAAC) on Wednesday.
The committee, in its communique, noted that N605.958 billion shared included cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).
The committee also stated that the Federal Government received N242.120 billion, the states received N194.195 billion, the LGCs got N143.742 billion.
It added that the oil producing states received N26.901 billion as derivation (13 per cent of Mineral Revenue).
According to the communique issued, it was indicated that the Gross Revenue available from the Value Added Tax (VAT) for May, 2021 was N181.078 billion as against N176.710 billion distributed in the preceding month of April, 2021.
This resulted in an increase of N4.368 billion.
“The distribution is as follows; Federal Government got N25.260 billion, the States received N84.202 billion, and Local Government Councils got N58.941billion.
“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, “States got N89.037 billion, LGCs got N69.644 billion, and Derivation (13 per cent Mineral Revenue) got N24.666 billion.”
The communique also revealed that Companies Income Tax (CIT), and Oil and Gas Royalties, Import and Excise Duty recorded decreases.
Only VAT increased, although, marginally.
It, however, disclosed that total revenue distributable for the current month was inclusive of Gross Statutory Revenue of N357.888 billion, 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.
This brought the total distributable revenue to N605.958 billion.
