Federal, states, councils N52.81 billion richer in May

The Federal Account Allocation Committee (FAAC), on Thursday shared N679.69 billion among the Federal Government, States and Local Government Councils as federal revenue for the month of May.

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.

A statement by Mr Hassan Dodo, the Director, Information, Ministry of Finance, said the money was shared at FAAC’s joint session at the African House, Kano State.

Total revenue distributable for the month included Value Added Tax (VAT) of N106.82 billion and Exchange Gain of N1.14 billion.

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.

Oil producing states received N40.43 billion as 13 per cent derivation revenue.

The cost of collection/transfers/FIRS refund stood at N26.498 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.