The Federation Accounts Allocation Committee, (FAAC) at its meeting, through Virtual Conference, has disclosed that it shared to the three-tiers of government, a total sum of N605.958 billion as federation allocation for the month of May, 2021.
From this amount, cost of collection to NCS, DPR and FIRS inclusive, the Federal Government received N242.120 billion, while the States received N194.195 billion, the Local Government Councils got N143.742 billion, while the oil producing States received N26.901 billion as derivation (13% of Mineral Revenue).
The communique, issued by the Federation Account Allocation Committee, (FAAC), at the end of the meeting, indicated that the Gross Revenue available from the Value-Added Tax, (VAT) for May, 2021 was N181.078 billion, as against N176.710 billion distributed in the preceding month of April, 2021, resulting in an increase of N4.368 billion.
The distribution shows that the Federal Government got N25.260 billion, the States received N84.202 billion, and Local Government Councils, (LGCs) got N58.941 billion.
The distributed Statutory Revenue of N428.198 billion received for the month was lower than the N497.385 billion received for the previous month by N69.197 billion, from which the Federal government received N175.541 billon, States got N89.037 billion, LGCs got N69.644 billion, and Derivation (13% Mineral Revenue) got N24.666 billion.
The communique also revealed that Companies Income Tax and Oil and Gas Royalties, Import and Excise Duty recorded decreases. Only Value-Added Tax (VAT) increased, although, marginally.
The communique, however, disclosed that total revenue distributable for the current month, inclusive of Gross Statutory Revenue of N357.888 bn, VAT of N168.403 billion, Solid Mineral Revenue of N7.940 bn, Exchange Gain of N1.727 billion and an augmentation from Non-Oil of N50 bn and N20 bn bringing the total distributable revenue to N605.958 billion.
