A total of N679.7 billion statutory allocation was shared among Federal, states and local governments in the country for May 2019.
Federation Accounts Allocation Committee, FAAC, stated this in a communiqué issued at the end of the third Treasury Workshop held in Kano.
The gross statutory revenue received for May stood at N571.73 billion, which represents 10 percent or N518.9 billion increases when compared with the N518.9 billion shared in the previous month.
FAAC stated: “The distributable statutory revenue for the month is N571.731 billion. The total revenue distributable for the current month (including VAT and Exchange Gain Difference) is N679.699 billion. The Cost of Collection, Transfer and FIRS Refund comes up to N26.498 billion.
“From the Net Statutory Revenue, Federal Government received N284.163 billion representing 52.68%; States received N187.605 billion representing 26.72%; Local Government Councils received N140.997 billion representing 20.60%; while the Oil Producing States received N40.436 billion also representing 13% derivation revenue.”
A breakdown of the distribution shows that Federal Government received N15.383 billion representing 15%; the States, N51.277 billion representing 50% while the Local Government Councils collected N35.894 billion also representing 35%. The balance on Excess Crude Account is $63 million.
The communiqué noted that revenues from oil royalty and Companies Income Tax, CIT, improved tremendously while Petroleum Profits Tax (PPT) decreased significantly with Import Duty and Value Added Tax (VAT) recording marginal increases.
Furthermore, FAAC noted that the gross revenue available from Value Added Tax (VAT) was N106.826 billion as against N96.485 billion distributed in the preceding month, resulting in an increase of N10.341 billion.
