N605.9bn shared between FG, States, LGCs for May

At its virtual meeting on Wednesday, the Federation Accounts Allocation Committee distributed a total of N605.958 billion to the three tiers of government as federation allocation for the month of May.

The Federal Government received N242.120 billion from this sum, which included the cost of collection to NCS, DPR, and FIRS. States received N194.19 billion, and Local Government Councils received N143.742 billion, while oil-producing states received N26.901 billion as derivation.

Charles Nwodo, the spokesperson for the Federal Ministry of Finance, Budget, and National Planning, made the announcement in Abuja.
The committee’s communiqué at the end of the meeting said that the Gross Revenue available from the Value Added Tax in May was N181.078 billion, up from N176.710 billion in April, resulting in an N4.368 billion rise.

It said that the Federal Government received N25.260 billion, the States received N84.202 billion, and Local Government Councils received N58.941 billion.

The month’s allocated statutory revenue of N428.198 billion was N69.197 billion less than the previous month’s N497.385 billion.
The federal government received N175.541 billion, states received N89.037 billion, LGCs received N69.644 billion, and the 13 percent derivation from mineral revenue received N24.666 billion.

Companies Income Tax, Oil and Gas Royalties, Import and Excise Duty, and VAT all decreased, according to the communiqué, although VAT climbed somewhat.

It further revealed that the total distributable income for May was N605.958 billion, which included N357.888 billion in gross statutory revenue, N168.403 billion in VAT, N7.940 billion in solid mineral revenue, N1.727 billion in exchange gain, and N70 billion in non-oil augmentation.

By Olutayo Olusanya

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