The three tiers of government comprising federal, state and local shared N305.128 billion at the end of the May Federation Account Allocation Committee, FAAC, meeting in Abuja as against N281.5 billion shared in April.
The modest rise in government revenue was as a result of increased accruals into the Federation Account from non-oil and mineral revenue sources in May.
Minster of Finance, Mrs. Kemi Adeosun who briefed newsmen at the end of the meeting, stated that statutory allocation and Value Added Tax (VAT) also recorded slight improvements during the month under review.
She said N237.466 billion was available for statutory allocation compared to N213.817 billion realised last month, while VAT improved slightly to N62.649 billion compared to N62.511 billion shared last month.
Adeosun announced that a gross statutory revenue of N237.566 billion was received for the month, which was higher than the N213.817 billion received in the previous month by N23.649 billion.
“Companies Income Tax( CIT) recorded a marginal increase even as the time for companies to file their returns is yet to fall due.”
Of the net statutory allocation of N230.9 billion approved for sharing, the Federal Government got N122.830 billion, states N57.229 billion; Local governement councils N44.121 billion while oil producing states received N16.738 billion representing their share of 13 per cent derivation.The balance in Excess crude account remained unchanged at $2.261 billion.
