Economy

How three tiers of government shared N605.958bn as allocation in May

The three tiers of government has shared N605.958bn as federation allocation for the month of May

The Federation Accounts Allocation Committee on Wednesday held a virtual meeting for the disbursement.

From this amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government, received N242.120bn, the States received N194.19bn, and Local Government councils got N143.742bn, while oil-producing states received N26.901bn as derivation.

These were disclosed in a statement issued in Abuja by the spokesperson of the Federal Ministry of Finance, Budget and National Planning, Charles Nwodo.

The communique issued by the committee at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax for May was N181.078bn as against N176.710bn distributed in April, resulting in an increase of N4.368bn.

It outlined the distribution as follows: Federal Government got N25.260 billion, the States received N84.202bn, and Local Government Councils got N58.941bn.

The distributed statutory revenue of N428.198bn received for the month was lower than the N497.385bn received for the previous month by N69.197bn.

From this, the Federal government received N175.541 billion, states got N89.037bn, LGCs got N69.644bn, and 13 per cent derivation from mineral revenue got N24.666bn.

According to the communiqué, Companies Income Tax , and Oil and Gas Royalties, Import and Excise Duty recorded decreases, while VAT increased marginally.

It also revealed that the total distributable revenue of N605.958bn for May was inclusive of Gross Statutory Revenue of N357.888bn, VAT of N168.403bn, Solid Mineral Revenue of N7.940bn, Exchange Gain of N1.727bn, and augmentation from Non-Oil of N70bn.

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