The 3-tiers of government have today shared about N547.309 billion as federal allocation for May 2020. The details of the allocation were contained in a Secretariat report released by the Office of the Accountant-General of the Federation at the end of the online meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja.
The meeting was presided by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning,Mahmoud Isa-Dutse. The communique showed the allocation included revenue from the Value Added Tax (VAT) collection, Exchange Gain, Excess Bank Charges.
The breakdown of the allocations showed the Federal Government received N219.799 billion, the States received N152.436 billion, Local Government councils got N114.095 billion, while the oil-producing states received N37.021 billion as derivation (13% Mineral Revenue).
The report said the cost of collection for the Federal Inland Revenue Service (FIRS), and allocation to the North East Development Commission was N23.958 billion. The Federation Accounts Allocation Committee (FAAC) said the gross revenue available from the Value Added Tax (VAT) for the month wasN103.873 billion as against the N94.498 billion distributed in the preceding month of April 2020, resulting in an increase ofN9.377 billion.
The distribution showed the Federal Government got N14.490 billion, the States received N48.301 billion, Local Government Councils got N33.811billion. The distributed Statutory Revenue of N413.953 billion received for the month was higher than the N370.411 billion received for the previous month by N43.542 billion, which the federal government received N191.580 billion, states got N97.172 billion, LGCs gotN74.915 billion, Derivation got N33.599 billion and Cost of Collection gotN16.687 billion.
The communiqué also revealed that Petroleum Profit Tax (PPT), Import Duty and Value Added Tax (VAT) recorded increases, while Companies Income Tax (CIT), Oil Royalty and Excise Duty recorded decreases.