Breaking: FG, States, LGs share N547.309bn for May 2020

The Federation Accounts Allocation Committee (FAAC), on Wednesday shared to the three tiers of government, the sum of N547.309 billion as federation allocation for the month of May, 2020.

The virtual meeting was chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse. 

A breakdown of the figure showed that the federal government received N219.799 billon, the States received N152.436 billion, Local Government Councils got N114.095 billion.

This is just as the oil producing states received N37.021 billion as 13 per cent derivation.
Meanwhile, cost of collection, refund to and allocation to North East Development Commission was N23.958 billion.

A further breakdown revealed that Gross Revenue from Value Added Tax (VAT) for the month under review was N103.873 billion as against the N94.498 billion distributed in the preceding month indicating a N9.377 billion increase.

“The federal government got N14.490 billion, the States received N48.301 billion, Local Government Councils got N33.811billon, while derivation got N0.000 and Cost of Collection/FIRS Refund/Allocation to NEDC got N7.271 billion.

“The distributed Statutory Revenue of  N413.953billion received for the month was higher than the N370.411 billion received for the previous month by N43.542 billion, which the federal government received N191.580 billon, States got N97.172 billion, LGCs got N74.915 billion, Derivation got N33.599 billion and Cost of Collection got N16.687 billion,” a communique from the committee stated.

The communiqué also revealed that Petroleum Profit Tax (PPT), Import Duty and Value Added Tax (VAT) recorded increases, while Companies Income Tax (CIT), Oil Royalty and Excise Duty recorded decreases.

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