FG, States, LGs Share N679.699bn In May

The Federal Government , States and Local Governments shared a total of N679.699 billion for the month of May.

A communiqué issued by the Technical sub -Committee of Federation Accounts Allocation Committee (FAAC) at the joint session held at the African House of the Kano State Government House after the 3rd Treasury Workshop and read by the Accountant General of the Federation (AGF), Ahmed Idris, said, that the Gross statutory revenue received is N571.731 billion which is higher than the N518.916 billion received in the previous month by N52.815 billion.

The communiqué said revenues from Oil Royalty and Companies Income Tax (CIT) improved tremendously while Petroleum Profits Tax (PPT) decreased significantly while import Duty and Value Added Tax (VAT), only recorded marginal increases.

It said the  distributable Statutory Revenue for the month is N571.731. The total revenue distributable for the current month (including VAT and Exchange Gain Difference) is N679.699 billion.

Hence 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.

It added that  the gross Revenue available from the 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.

The breakdown of the distribution has the Federal Government receiving N15.383 billion representing 15%; the States received N51.277 billion representing 50% while the Local Government Councils received N35.894 billion also representing 35%.

However the  balance on Excess Crude Account is $63 Million.