FG, states, LGs share N679.7bn as May statutory allocation

The Federal, states and local governments have shared N679.7 billion as statutory allocation for the month of May, 2019.

Federation Accounts Allocation Committee, FAAC, disclosed this in a communiqué issued at the end of the 3rd Treasury Workshop held in Kano. 

The Committee disclosed that the gross statutory revenue received for May stood at N571.73 billion, which represents 10 percent or N518.9 billion increases when compared with the N518.9 billion shared in the previous month. 

The communiqué noted that revenues from oil royalty and Companies Income Tax, CIT, improved tremendously while  Petroleum Profits Tax (PPT) decreased significantly with Import  Duty and Value Added Tax (VAT) recording marginal increases. FAAC stated: “The distributable statutory revenue for the month is N571.731 billion. The total revenue distributable for the current month (including VAT and Exchange Gain Difference) is N679.699 billion. 

“From the Net Statutory Revenue, Federal Government received N284.163 billion representing 52.68%; States received N187.605 billion representing 26.72%; Local Government Councils received N140.997 billion representing 20.60%; while the Oil Producing States received N40.436 billion also representing 13% derivation revenue. The Cost of Collection, Transfer and FIRS Refund comes up to N26.498 billion.” 

Furthermore, FAAC noted that the gross revenue available from Value Added Tax (VAT) was N106.826 billion as against N96.485 billion distributed in the preceding month, resulting in an increase of N10.341 billion. 

The breakdown of the distribution has the Federal Government receiving N15.383 billion representing 15%; the States received N51.277 billion representing 50% while the Local Government Councils received N35.894 billion also representing 35%.  

The balance on Excess Crude Account is $63 million.