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FAAC, revenue from oil

Nigeria’s three tiers share N547 bln revenue in May

By on June 17, 2020 0 132 Views

The three tiers of government shares a total of N547.31 billion from the federation accounts for the month of May, this was disclosed at the end of the Federations Accounts Allocation Committee FAAC) on Wednesday at its virtual meeting.
The meeting was presided over by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse.
In a statement on Wednesday, the ministry said the federal government received N219.79 billion, the 36 states received N152.43 billion while local governments collected N114.09 billion.
The amount shared, however, came from Value Added Tax, exchange gain and excess bank charges recovered and revenue from crude oil exports.
“However, the cost of collection/Federal Inland Revenue Refund/Allocation to North East Development Commission was N23.958bn,” the statement added.
Nigeria collected N103.87 billion in VAT revenue for the month of May, up from N94.49 billion collected in the previous month.
Of the amount collected from VAT, the federal government was allocated N14.49 billion; states, N48.30 billion, local government got N33.81 billion, while cost of collection/FIRS refund/allocation to NEDC stood at N7.27 billion.
The statement added that the distributed statutory revenue of N413.953 billion received for the month was higher than the N370.41 billion received for the previous month by N43.54 billion.

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