Govt’s Revenue Dropped By N69bn As FAAC Allocates N605.9bn To FG, States, LGs

The Federation Account Allocation Committee has shared to the three tiers of government, the sum of N605.958bn as allocation for the month of May.

The allocation was made at its meeting held virtually on Wednesday night.

From this amount, inclusive cost of collection to revenue generating agencies, the Federal Government received N242.12bn, States received N194.195bn, while Local Government Councils got N143.74bn.

In addition, the oil producing states received N26.90bn based on 13 per cent derivation principle.

The communique issued by the Federation Account Allocation Committee at the end of the meeting, indicated that the gross revenue available from the Value Added Tax for May, 2021 was N181.07bn as against N176.71bn distributed in the preceding month of April.

This resulted in an increase of N4.368bn.

From this amount, the Federal Government got N25.26bn, the States received N84.2bn, and Local Government Councils got N58.94bn.

The distributed statutory revenue of N428.198bn received for the month was lower than the N497.385bn received for the previous month by N69.19bn.

From this amount, the Federal Government received N175.54bn, States got N89.037bn, LGCs got N69.64bn, and derivation (13 per cent Mineral Revenue) got N24.66bn.

The communique also revealed that Companies Income Tax, and Oil and Gas Royalties, Import and Excise Duty recorded decreases. Only Value Added Tax increased, although, marginally.

The total revenue distributed for the current month is made up of Gross Statutory Revenue of N357.88bn, Value Added Tax of N168.4bn, Solid Mineral Revenue of N7.94bn, Exchange Gain of N1.727bn and an augmentation from Non-Oil of N50bn and N20bn bringing the total distributable revenue to N605.95bn.