FG, States, LGCs share N679.69bn May allocation

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The Federal Account Allocation Committee (FAAC), 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 Mr Hassan Dodo, the Director, Information, Ministry of Finance, 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 (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

He said the total revenue distributable for the month included Value Added Tax (VAT) 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 that 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 (CIT) recorded significant increases, while 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 (ECA) had a balance of 63 million dollars.