FAAC: Federal Government, states, and local governments (LGs) split N605.95 billion

For the month of May, the Federal Government, states, and local governments (LGs) split N605.95 billion.

A total of N605.958 billion in income was divided with the federal, state, and local governments, as well as other relevant agencies, according to the Federal Accounts Allocation Committee (FAAC), which announced its findings on Wednesday.

Mr. Charles Nwodo, Director, Information, Ministry of Finance, Budget, and National Planning, said in a statement issued in Abuja on Wednesday that the sum was disclosed during a virtual conference of the committee during which the figure was revealed.

Among the N605.958 billion split by the committee, according to a communiqué, were the costs of collection borne by the Nigeria Customs Service (NCS), the Department of Petroleum Resources (DPR), and the Federal Inland Revenue Service (FIRS).

Read also: BUHARI ORDERS NEW FAAC REMITTANCE TEMPLATE

The committee also claimed that the Federal Government received N242.120 billion, the states received N194.195 billion, and the Local Governments received N143.742 billion, according to the committee.

It went on to say that the oil-producing states got N26.901 billion as a result of the deduction (13 per cent of mineral revenue).

For the month of May 2021, the committee estimates that gross revenue from the Value Added Tax (VAT) stood at N181.078 billion, as against N176.710 billion disbursed in the previous month of April 2021.

There was an increase of N4.368 billion as a result of this.

In the statement, it stated that “the allocation is as follows: the Federal Government received N25.260 billion, the states received N84.202 billion, and the Local Government Councils received N58.941 billion.”

“Statistically, the Distributed Statutory Revenue of N428.198 billion received for the month was N69.197 billion lower than the N497.385 billion received for the previous month, a decrease of N69.197 billion. The Federal Government received N175.541 billion from the revenue, while states received N89.037 billion, local governments received N69.644 billion, and Derivation (13 percent Mineral Revenue) received N24.666 billion.”

Also disclosed by the committee were cuts in Corporations’ Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duty, while only the value-added tax (VAT) increased, albeit by a little amount.

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 augmentations from non-oil sources totaled N20 trillion in revenue for the current month, according to the company.

According to the committee, this increased the total distributable revenue to N605.958 billion dollars.