The Federation Accounts Allocation Committee (FAAC) has shared ₦547.309 billion to the three tiers of government as federation allocation for May, 2020.
From this amount, inclusive of VAT, Exchange Gain and Excess Bank Charges recovered, the Federal Government received N219.799 billon, States N152.436 billion while the Local Government councils got N114.095 billion.
Oil producing states received N37.021 billion as derivation (13% of Mineral Revenue).
₦23.958 billion was shared as cost of collection, FIRS Refund, and Allocation to North East Development Commission.
A communiqué by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for May 2020 was ₦103.873 billion as against the ₦94.498 billion distributed in the preceding month of April, 2020, resulting in an increase of ₦9.377 billion.
The distribution of VAT proceeds was: Federal Government ₦14.490 billion, the States ₦48.301 billion, Local Government Councils ₦33.811billon, while Cost of Collection; FIRS Refund; Allocation. to NEDC gulped ₦7.271 billion.
The distributed Statutory Revenue of ₦413.953billion received for the month was higher than the ₦370.411 billion received for the previous month by ₦43.542 billion, with the Federal government pocketing ₦191.580 billon, States, ₦97.172 billion, Local Government Councils (LGCs); ₦74.915 billion.
13 percent derivation to oil mineral producing states amounted to ₦33.599 billion and Cost of Collection got ₦16.687 billion.
The communiqué 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.
The communiqué was silent on how much is left in the Excess Crude Account
Source: The Nation
