FAAC FG, States, LGs share May revenues

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The Federation Accounts Allocation Committee has at its meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse, shared to the three tiers of government, a total sum of N547.309 billion as federation allocation for the month of May, 2020.

The meeting, held on Wednesday, was by virtual conferencing.

From the amount shared, inclusive of VAT, Exchange Gain and Excess Bank Charges recovered, the Federal Government received N219.799 billon, States N152.436 billion, Local Governments N114.095 billion, while the oil producing states received N37.021 billion as derivation (13% of Mineral Revenue).

The cost of collection/FIRS Refund/Allocation to North East Development Commission was N23.958 billion.

A communiqué issued by the FAAC at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax for May 2020 was N103.873 billion as against the N94.498 billion distributed in the preceding month of April, 2020, resulting in an increase of N9.377 billion.

The distribution is as follows: Federal Government got N14.490 billion; States N48.301 billion; Local Governments N33.811billon; while derivation got N0.000 and Cost of Collection/ FIRS Refund/Allocation to NEDC got N7.271 billion.

The distributed Statutory Revenue of N413.953 billion received for the month was higher than the N370.411 billion received for the previous month by N43.542 billion, which the Federal Government received N191.580 billon, States got N97.172 billion, LGCs got N74.915 billion, Derivation got N33.599 billion and Cost of Collection got N16.687 billion.

The communiqué also revealed that Petroleum Profit Tax, Import Duty and Value Added Tax recorded increases, while Companies Income Tax, Oil Royalty and Excise Duty recorded decreases.

The total revenue distributable for the current month, including Cost of Collection to NCS, DPR and FIRS, according to the committee, is N547.309 billion.

 

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