Economy

FAAC shares N547.309bn to FG, states, LGs for month of May

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

Mr Hassan Dodo, the Director of Information in the Ministry of Finance, Budget and National Planning, made this known in a statement in Abuja on Wednesday.

He said the virtual meeting was chaired by the Permanent Secretary in the ministry, Dr Mahmoud Isa-Dutse.

He explained that from this amount, which included Value Added Tax (VAT), Exchange Gain and Excess Bank Charges recovered, the Federal Government received N219.799 billon, States got N152.436 billion while Local Government Councils received N114.095 billion.

He said the oil producing states received N37.021 billion 13 per cent derivation fund.

He however disclosed that the cost of collection of Federal Inland Revenue Fund (FIRS) Refund Allocation to North East Development Commission (NEDC) was N23.958 billion.

Dodo, while quoting the communique issued at the end of the FAAC meeting, said: “The Gross Revenue available from the VAT for May was N103.873 billion against N94.498 billion distributed in the preceding month of April resulting in an increase of N9.377 billion.

“The distribution is as follows: Federal Government got N14.490 billion, the States received N48.301 billion, Local Government Councils had N33.811 billon, while derivation got N0.000 and Cost of Collection and FIRS Refund/Allocation to NEDC got N7.271 billion.

“The distributed Statutory Revenue of N413.953 billion received for the month was higher than the N370.411 billion received for the previous month by N43.542 billion, which the Federal Government got N191.580 billon, States received N97.172 billion and Local Governments got N74.915 billion.

“Derivation got N33.599 billion and Cost of Collection was N16.687 billion.”

The director noted that the communique also revealed that Petroleum Profit Tax (PPT), Import Duty and VAT recorded increases, while Companies Income Tax (CIT), Oil Royalty and Excise Duty recorded decreases

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