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HomeBusinessNigeria 3-tiers share N605.96 bln revenue in May from federation accounts

Nigeria 3-tiers share N605.96 bln revenue in May from federation accounts

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Nigeria’s three tiers of governments – federal, states and local governments shared N605.96  billion from revenue that accrued to the federation jojnt account for the month of May.

The communique by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated the country earned more money from the Value Added Tax (VAT) in May.

The statement showed that gross Revenue from the VAT for May 2021 was N181.08 billion compared with N176.71 billion distributed in the preceding month.

The Federal Government received N242.120 billion, States received N194.195 billion, Local Government councils got N143.742 billion while the oil producing states received N26.90 billion as 13 percent derivation fund for oil-producing region.

Revenue from VAT was distributed as follows: Federal Government got N25.260 billion, the States received N84.202 billion and Local Government Councils got N58.94billion.

READ ALSO: Nigeria targets $2 bln from exports after concession of Kano free trade zone ~BPE

A total of N428.198 billion was received from Statutory Revenue in May, and this was lower than the N497.385 billion received for the previous month by N69.197 billion.

The Federal government received N175.541 billion from Statutory Revenue, States got N89.037 billion, LGCs got N69.644 billion, and Derivation (13 percent Mineral Revenue) got N24.666 billion.

The communique also revealed that Companies Income Tax (CIT) and Oil and Gas Royalties, Import and Excise Duty recorded decreases. Only Value Added Tax (VAT) increased, although, marginally.

The communique however disclosed that total revenue distributable for the current month inclusive of Gross Statutory Revenue of N357.888 billion, Value Added Tax (VAT) of N168.403 billion, Solid Mineral Revenue of N7.940 billion, Exchange Gain of N1.727 billion and an augmentation from Non-Oil of N50 billion and N20 billion bringing the total distributable revenue to N605.958 billion.

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