BEVERLY HILLS, June 18, (THEWILL) – The Federation Account Allocation Committee (FAAC) Wednesday shared N547.309 billion among the three tiers of government as allocation for May 2020.
A statement by the Director of Press in the Ministry of Finance, Budget and National Planning, Hassan Dodo, said 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.
The statement noted that the cost of collection/Federal Inland Revenue Service (FIRS) refund/allocation to North East Development Commission (NEDC) was N23.958 billion.
It said Gross Revenue available from VAT for May was N103.873 billion as against the N94.498 billion distributed in 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.
ALSO READ: Local Governments, States, Federal Government Share ₦780.926bn FAAC For March
The distributed Statutory Revenue of N413.953billion received for May was higher than the N370.411 billion posted in April by N43.542 billion, during 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 was N16.687 billion.
The statement showed that revenues from Petroleum Profit Tax (PPT), import duty and VAT recorded increases while Companies Income Tax (CIT), oil royalty and excise duty declined.
About the Author
