EHIME ALEX, Lagos
A sum of N547.309 billion representing federation allocation for the month of May 2020 has been disbursed to the three tiers of government by the Federation Accounts Allocation Committee (FAAC).
A statement on Wednesday by Hassan Dodo, director of information, Federal Ministry of Finance, said the sharing took place at FAAC’s meeting held via Virtual Conferencing, chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr Mahmoud Isa-Dutse.
It said the May allocation was inclusive of VAT, Exchange Gain and Excess Bank Charges recovered, FAAC stated.
The federal government received N219.799 billon, while the states and local government councils got N152.436 billion and N114.095 billion respectively.
In addition, the oil producing states received N37.021 billion as derivation of 13 per cent of Mineral Revenue.
The committee, however, put cost of collection/FIRS Refund/Allocation to North East Development Commission at N23.958 billion.
“In a communiqué 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 2020 was N103.873 billion as against the N94.498 billion distributed in the preceding month of April, 2020, resulting in an increase of N9.377 billion.
“The distribution is as follows; Federal Government got N14.490 billion, the States received N48.301 billion, Local Government Councils got N33.811billon, while derivation got N0.000 and Cost of Collection/ FIRS Refund/ Alloc. to NEDC got N7.271 billion,” it stated.
According to FAAC, the distributed Statutory Revenue of N413.953 billion received for the month was higher than the N370.411 billion received for the previous month by N43.542 billion.
From that amount, the federal government received N191.580 billon, states got N97.172 billion, LGCs got N74.915 billion, Derivation got N33.599 billion and Cost of Collection got N16.687 billion.
FAAC’s communiqué also revealed that Petroleum Profit Tax (PPT), Import Duty and Value Added Tax (VAT) recorded increases, while Companies Income Tax (CIT), Oil Royalty and Excise Duty recorded decreases.
The total revenue distributable for the current month including Cost of Collection to NCS, DPR and FIRS, according to the committee totals N547.309 billion.
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