The Federation Accounts Allocation Committee on Wednesday at its virtual meeting shared to the three tiers of government a total sum of N 547. 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 N 219. 799bn; states, N152 .436 bn; Local Government councils N114 .095bn : while the oil – producing states received N 37.021 bn as derivation ( 13 per cent of mineral revenue ) .
“ However , the cost of collection/ Federal Inland Revenue Refund /Allocation to North East Development Commission was N 23.958 bn, ” 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 N 103. 873bn , against N 94.498 bn 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 N 14.49 bn; states, N 48.301 bn; Local Government councils , N 33.811 bn; while derivation got N 0. 000; and cost of collection/ FIRS refund/allocation to NEDC was N 7. 271bn .
The statement added that the distributed statutory revenue of N 413. 953bn received for the month was higher than the N 370. 411bn received for the previous month by N 43. 542bn . From this , the Federal government received N 191.58 bn; states, N 97.172 bn; Local Governments, N 74. 915bn ; derivation got N 33.599 bn; and cost of collection was N16 .687 bn.
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 N 547. 309bn.