The federal, state and local governments in the country shared the sum of N547.309 billion for the month May. Officials of the federal ministry of finance and the 36 state finance commissioners under the auspices of the the Federation Accounts Allocation Committee shared the money on Wednesday at their virtual meeting.
A statement issued by the federal ministry of finance on the meeting said the amount shared included value added tax, exchange gain and excess bank charges recovered.
Of the amount, the federal government received N219.799bn; states, N152.436bn; local government councils N114.095bn: while the oil-producing states received N37.021bn as derivation (13 per cent of mineral revenue) .Mahmoud Isa-Dutse, permanent secretary, federal ministry of finance, budget and national planning, chaired the meeting.
“However, the cost of collection/Federal Inland Revenue Refund/Allocation to North East Development Commission was N23.958bn,” the statement added.
According to the statement, a communique issued by the Federation Account Allocation Committee at the end of the meeting indicated that the gross revenue available from the VAT for May 2020 was N103.873bn, against N94.498bn distributed in the preceding month of April 2020, resulting in an increase of N9.377bn.
It said the distribution was as follows, federal government got N14.49bn; states, N48.301bn; local government councils, N33.811bn; while derivation got N0.000; and cost of collection/FIRS refund/allocation to NEDC was N7.271bn.
The statement added that the distributed statutory revenue of N413.953bn received for the month was higher than the N370.411bn received for the previous month by N43.542bn.
From this, the Federal government received N191.58bn; states, N97.172bn; Local Governments, N74.915bn; derivation got N33.599bn; and cost of collection was N16.687bn.
The finance ministry said in the statement that “the communique also revealed that Petroleum Profit Tax, Import Duty and Value Added Tax recorded increases, while Companies Income Tax, Oil Royalty and Excise Duty recorded decreases.”
It stated that the total revenue distributable for the current month including cost of collection to Nigeria Customs Service, Department of Petroleum Resources and FIRS, according to the committee was N547.309bn.
