June 24, 2021

FAAC: FG, States, LGCs share N606bn

FAAC: FG, States, LGCs share N606bn

By Emma Ujah – Abuja

The Federation Accounts Allocation Committee (FAAC) has shared the sum of N605.958 billion as federation allocation to the three tiers of government.

According to the communique issued by the committee after a virtual meeting, Wednesday night, the amount shared represented revenues that accrued to the Federation Account and proceeds from the Value Added Tax (VAT) and other sources, in the month of May.

Details of the revenue distributable for the current month included Gross Statutory Revenue of N357.888 billion, Value Added Tax (VAT) of N168.403 billion, Solid Mineral Revenue of N7.940 billion, Exchange Gain of N1.727 billion, an augmentation from Non-Oil of N50 billion and N20 billion bringing the total distributable revenue to N605.958 billion.

The amount, was inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N242.120 billion, 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).

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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 billion, States got N89.037 billion, LGCs got N69.644 billion, and Derivation (13% Mineral Revenue) got N24.666 billion

The FAAC put the Gross Revenue available from the Value Added Tax (VAT) for May, 2021 at 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 federal government got N25.260 billion, states received N84.202 billion, while  Local Government Councils got N58.941billion.

Companies Income Tax (CIT), and Oil and Gas Royalties, Import and Excise Duty recorded decreases, according to the communiqué. Only Value Added Tax (VAT) increased, although, marginally.

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