The Federation Accounts Allocation Committee on Wednesday at its virtual meeting shared to the three tiers of government a total sum of N547.31bn as federation allocation for the month of May.
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 N219.8bn; states, N152.44bn; Local Government councils N114.1bn.
Oil producing states received N37.02bn as derivation (13 per cent of mineral revenue).
“However, 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 was N103.87bn against N94.5bn distributed in the preceding month of April resulting in an increase of N9.38bn.
It said the distribution was as follows: Federal Government got N14.49bn; states, N48.301bn; Local Government councils, N33.81bn and cost of collection/FIRS refund/allocation to NEDC was N7.27bn.
The statement added that the distributed statutory revenue of N413.95bn received for the month was higher than the N370.41bn received for the previous month by N43.54bn.
Source PUNCH
