The Federation Account Allocation Committee (FAAC), Wednesday at a virtual meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse, shared N547.309 billion to the three tiers of government, as allocation for the month of May, 2020.
A statement issued by the Director (Press) in the ministry, Hassan Dodo, disclosed that from the shared amount which included Value Added Tax (VAT), Exchange Gain and Excess Bank Charges recovered, the federal government received N219.799 billon, states (N152.436 billion), local government councils got N114.095 billion, while the oil producing states received N37.021 billion as 13 per cent derivation (13 per cent Mineral Revenue).
The statement noted that cost of collection/Federal Inland Revenue Service (FIRS) refund/allocation to North East Development Commission (NEDC) was N23.958 billion.
Gross Revenue available from the Value Added Tax (VAT) for May 2020 was N103.873 billion as against the N94.498 billion distributed in the preceding month of April, resulting in an increase of N9.377 billion.
A breakdown of the VAT distribution saw the federal government taking N14.490 billion, followed by states with N48.301 billion while local government councils got N33.811billon. Cost of collection/FIRS refund/ allocation to NEDC got N7.271 billion.
The distributed Statutory Revenue of N413.953billion received for the month of May was higher than the N370.411 billion posted in the previous month by N43.542 billion, which the federal government received N191.580 billon, states got N97.172 billion, local councils–N74.915 billion, and Derivation got N33.599 billion while cost of collection got N16.687 billion.
The statement also revealed that Petroleum Profit Tax (PPT), Import Duty and VAT recorded increases. However, Companies Income Tax (CIT), Oil Royalty and Excise Duty recorded a decline.
