The Federal Account Allocation Committee, on Thursday shared
N679.69 billion among the Federal Government, States and Local
Government Councils as federal allocation for the month of May.
A statement by the Director, Information, Ministry of Finance,
Mr Hassan Dodo, said the allocation was shared at FAAC’s joint
session at the African House, Kano State.
Dodo said that a communiqué issued by the Technical
Sub-Committee gave the breakdown of the distribution to the three
tiers of government.
According to him, it is inclusive of cost of collection to the
Nigeria Customs Service, Department of Petroleum Resources and the
Federal Inland Revenue Service.
He said the total revenue distributable for the month included
Value Added Tax of N106.82 billion and Exchange Gain of N1.14
billion.
Dodo said that the Federal Government received N284.16 billion,
representing 52.68 per cent, the states received N187.6 billion,
representing 26.72 per cent and LGCs got N140.99 billion,
representing 20.60 per cent.
He added that the oil producing states received N40.43 billion
as 13 per cent derivation revenue.
Dodo, however, said the cost of collection/transfers/FIRS refund
stood at N26.498 billion.
He also said that the communiqué indicated that the gross
revenue available from VAT was N10.34 billion more than the N96.48
billion distributed in April.
It further disclosed that the distributed statutory gross
revenue of N571.73 billion received for the month was higher than
the N518.91 billion received in the previous month by N52.81
billion.
According to the communiqué, revenues from Oil Royalty and
Companies Income Tax recorded significant increases, while the
Petroleum Profit Tax (PPT) decreased significantly.
“Meanwhile, Import Duty and VAT also recorded marginal
increases.’’
Dodo said that the committee disclosed that as at Thursday, the
Excess Crude Account had a balance of 63 million dollars.