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FAAC: FG, States, LGCs share N679.69bn in May

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The Federal Government, States and Local Government Councils have shared N679.69 billion as revenue for the month of May.

The Accountant General of the Federation (AGF), Alhaji Ahmed Idris, disclosed this shortly after the Federation Account Allocation Committee (FAAC) meeting in Kano on Thursday.

He said the amounts shared were the outcome of the Federal Account Allocation Committee (FAAC) meeting.

Idris said the distribution covered the allocations to the three tiers of government, inclusive of cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and Federal Inland Resource (FIRS).

He said the gross statutory revenue of N571.7 billion received for the month was higher than the N518.9 billion received in the previous month by N52.8 billion.

Idris said revenues from oil Royalty and Companies Income Tax (CIT) improved tremendously while Petroleum Profit Tax (PPT) decreased significantly, pointing out that import duty and value added tax only recorded marginal increases.

He, however, explained that the distributable statutory revenue for the month was N571.73 billion, saying the total revenue distributable for the current month including VAT and exchange gain was N679.69 billion.

In summary, Idris said the federal government was allocated N268.23 billion, while states got N136.05 billion and local governments received N104.89 billion.

He indicated that for the month of May, the gross revenue available from the VAT was N106.82 billion as against N96.48 billion distributed in the preceeding month, resulting in an increase of N10.34 billion.

According to him, the oil producing states received N40.32 billion as 13 per cent oil derivation revenue.

He disclosed that the next FAAC meeting was proposed for July 23 and July 24 in Abuja.

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