Economy

FG, states, LGs share N605.95bn in May

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FG, states, LGs share N605.95bn in May

By Témitope Ponlé

The Federal Accounts Allocation Committee (FAAC) said on Wednesday it was sharing a total of N605.958 billion in May 2021 revenue to federal, state and local governments as well as other relevant agencies.

Mr. Charles Nwodo, director of information at the Ministry of Finance, Budget and National Planning, in a statement in Abuja, said the amount was shared at a virtual conference of the committee.

The committee, in a statement, noted that the N605.958 billion shared included the cost of collection at the Nigeria Customs Service (NCS), the Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

The committee also said that the federal government received 242.120 billion naira, the states received 194.195 billion naira while the LG received 143.742 billion naira.

He added that the oil-producing states received 26.901 billion naira as a bypass (13 percent of mining revenues).

According to the committee, the gross disposable income from value added tax (VAT) for May 2021 was 181.078 billion naira compared to 176.710 billion naira distributed in the previous month of April 2021.

This resulted in an increase of 4.368 billion naira.

He said: “The distribution is as follows; The federal government received 25.260 billion naira, the states received 84.202 billion naira, and local government councils received 58.941 billion naira.

The statutory distributed income of 428.198 billion naira received for the month was lower than the 497.385 billion naira received for the previous month of 69.197 billion naira, of which the federal government received 175.541 billion naira, the states received 89.037 billion naira. naira, LG got 69.644 billion naira and the bypass (13% of mining revenues) got 24.666 billion naira.

The committee also revealed that corporate income tax (CIT) and oil and gas royalties, import and excise duties registered decreases, while only VAT increased, albeit slightly.

He said the total distributable income for the current month included gross statutory income of 357.888 billion naira, VAT of 168.403 billion naira, solid mineral income of 7.940 billion naira, foreign exchange gain of 1.727 billion. billion naira and an increase in Non-Oil of N50 billion and N20 billion.

The committee said this brought the total distributable income to N605.958 billion. (NAA)

(NAN)

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