The Federation Accounts Allocation Committee (FAAC) at its virtual meeting on Wednesday night, shared N605.958 billion as federation allocation for the month of May, 2021 among the three tiers of government (Federal, States and Local).
The money was revenue generated in the previous month of May. 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, the states got N89.037 billion, while the local governments got N69.644 billion, and Derivation (13 per cent mineral revenue) got N24.666 billion.
According to the ministry of finance, the amount includes cost of collection to the Nigeria Customs Service, Department of Petroleum Resources and Federal Inland Revenue Service, the ministry of finance said in a statement.
Companies Income Tax (CIT), and oil and gas royalties, import and excise duty recorded decreases. Only Value Added Tax increased, although, marginally.
The statement said the total revenue distributable for the current month inclusive of 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 and an augmentation from Non-Oil of N50 billion and N20 billion bringing the total distributable revenue to N605.958 billion.
A breakdown of the figures showed that Federal Government received N242.120 billion, while States received N194.195 billion and the Local Government Areas got N143.742 billion while the oil producing states received N26.901 billion as derivation (13% of mineral revenue).
The statement said 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.