FG, states, councils share N679.699bn for May 2019

Federal, states and local governments jointly got a total of  N679.699 billion from the federation account for the month to May 2019.

A statement from Deputy director, Press in the Office of Accountant General of the Federation for the Federation, Henshaw Oguibike quoted the  communiqué issued by the Technical  sub -Committee of Federation Accounts Allocation Committee (FAAC) at the joint session held in Kano that gross statutory revenue received is N571.731  billion which is higher than the N518.916  billion received in the previous month by N52.815 billion.

Revenues from oil royalty and companies income tax (CIT) improved tremendously while petroleum profits tax (PPT) decreased significantly.

Similarly, import duty and value-added tax (VAT), recorded marginal increases.

The distributable Statutory Revenue for the month is N571.731 The total revenue distributable for the current month (including VAT and Exchange Gain Difference) is N679.699 billion.

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From the net statutory revenue, Federal Government received N284.163 billion representing 52.68%; states received N187.605 billion representing 26.72%; local government councils received N140.997 billion representing 20.60%; while the Oil Producing States received N40.436 billion also representing 13% derivation revenue.

Cost of collection, transfer and FIRS refund came up to N26.498 billion.

Furthermore, the gross Revenue available from the Value Added Tax (VAT), was N106.826 Billion as against N96.485 Billion distributed in the preceding month, resulting in an increase of N10.341 Billion.

Breakdown of the distribution showed Federal Government received N15.383 billion representing 15%; states received N51.277 billion representing 50% while the local government councils received N35.894 billion also representing 35%.

It added that balance in the excess crude account was $63 million.