The Federal Government, State Governments and Local Governments all shared N605.958 billion from the Federation Accounts Allocation Committee (FAAC) Account in May 2021.
A communiqué released at the end of the FAAC meeting stated that the amount shared is inclusive of the cost of collection to the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the federal Inland Revenue Service (FIRS).
The federal government received N242.120 billion from the account, the states received N194.195 billion, the Local Government Areas (LGAs) got N143.742billion while the oil producing states received N26.901 billion as derivation (13 percent of Mineral Revenue).
It also stated that the gross revenue from the Value Added Tax (VAT) for May, 2021 was N181.078 billion as against N176.710 billion distributed in the preceding month of April, 2021, resulting in an increase of N4.368bn.
The distribution is as follows; the federal government got N25.260bn, the states received N84.202bn, and LGAs got N58.941bn.
The distributed Statutory Revenue of N428.198 billion for May was lower than the N497.385 billion received in April by N69.197 billion, from which the federal government received N175.541 billion, states got N89.037bn, LGAs got N69.644 billion, and Derivation (13 percent Mineral Revenue) got N24.666 billion.
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The communiqué also revealed that Company Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duty recorded decreases; only the VAT increased marginally.
It disclosed that total revenue distributable for May was N605.958 billion derivable from Gross Statutory Revenue of N357.888 billion, N168.403 billion from VAT, Solid Mineral Revenue of N7.940 billion, Exchange Gain of N1.727 billion and an augmentation from Non-Oil of N50 billion and N20 billion.
