Nigeria’s three tiers of government – the Federal, states and local governments have shared N679.7 billion (about $2.226 billion) as statutory allocation for the month of May, 2019.
Nigeria’s Federal Accounts Allocation Committee (FAAC) said in a statement at the end of its meeting in Kano on Thursday that the gross statutory revenue received for May stood at N571.73 billion, which represents 10 percent or N518.9 billion increases when compared with the N518.9 billion shared in the previous month.
The statement said that revenues from oil royalty and companies Income Tax improved tremendously while Petroleum Profits Tax (PPT) decreased significantly with Import Duty and Value Added Tax (VAT) recording marginal increases.
“The distributable statutory revenue for the month is N571.731 billion. The total revenue distributable for the current month (including VAT and Exchange Gain Difference) is N679.699 billion.
“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,” it said.
According to the statement, the gross revenue available from 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. ($1=N305)
GIK/APA