FG, States, Local Govts Shared N462.4bn In May – Finance Ministry

[caption id="attachment_21481" align="alignnone" width="681"]Kemi Adeosun, Honourable Minister of Finance[/caption]

The Federation Account Allocation Committee, FAAC has disbursed N418.82 billion to the three tiers of government in May from the oil export revenue generated in April 2017, the Ministry of Finance says.

Mahmoud Isa-Dutse, The Permanent Secretary, Federal Ministry of Finance, disclosed this while presenting details of the revenue shared during  FAAC meeting in Abuja on Thursday.

According to Isa-Duste, the amount disbursed comprised N275.20 billion from the Statutory Account; N38.52 billion from exchange gain; N20.42 billion from Excess Petroleum Product Tax (PPT) Account; N84.67 billion from Valued Added Tax (VAT).

Advertisement

FAAC report also showed that the federal government received N147.68 billion, or 52.68 per cent; state governments N74.91 billion or 26.72 per cent; and local governments N57.75 billion, or 20.6 per cent.

From the revenue available from the Value Added Tax, VAT, the federal government received N11.518 billion or 15 per cent; states received N38.393 billion or 50 per cent while the local government councils received N26.875 billion or 35 per cent.

Further analysis of the Mineral revenue, which accounted for a total of N159.97 billion, was lower than N177.7 billion realised last month by N18.25 billion, while non-mineral sector stood at about $157. 6 billion, which was about N86.88 billion higher than N96.4 billion realised in April.

Leave a comment

Advertisement