The Federation Accounts Allocation Committee on Wednesday at its virtual meeting shared to the three tiers of government a total sum of N547.309bn as federation allocation for the month of May 2020.
FAAC’s virtual meeting was chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse, according to a statement issued by the ministry in Abuja on Wednesday night.
The ministry stated that from this amount, inclusive of Value Added Tax, exchange gain and excess bank charges recovered, the Federal Government received N219.799bn; states, N152.436bn; Local Government councils N114.095bn: while the oil-producing states received N37.021bn as derivation (13 per cent of mineral revenue).
“However, the cost of collection/Federal Inland Revenue Refund/Allocation to North East Development Commission was N23.958bn,” the statement added.
It said a communique issued by the Federation Account Allocation Committee at the end of the meeting indicated that the gross revenue available from the VAT for May 2020 was N103.873bn, against N94.498bn distributed in the preceding month of April 2020, resulting in an increase of N9.377bn.
It said the distribution was as follows, Federal Government got N14.49bn; states, N48.301bn; Local Government councils, N33.811bn; while derivation got N0.000; and cost of collection/FIRS refund/allocation to NEDC was N7.271bn.
The statement added that the distributed statutory revenue of N413.953bn received for the month was higher than the N370.411bn received for the previous month by N43.542bn.
From this, the Federal government received N191.58bn; states, N97.172bn; Local Governments, N74.915bn; derivation got N33.599bn; and cost of collection was N16.687bn.
The finance ministry said in the statement that “the communique 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.”
It stated that the total revenue distributable for the current month including cost of collection to Nigeria Customs Service, Department of Petroleum Resources and FIRS, according to the committee was N547.309bn.
— Punch