By Amaka Obi
A total sum of N606.196 billion was shared on Friday by the Federation Accounts Allocation Committee (FAAC) to the three tiers of government.
In a meeting held online and chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse stated that,
From the total amount of N606.196 billion the federal government received N169.831 billon, t
he States N86.140 billion, Local Governments N66.411 billion, while the oil producing states received N32.895 billion as 13 per cent derivation.
The amount shared is inclusive of VAT, Exchange Gain, Solid Mineral Revenue, Excess Bank Charges and Excess Oil Revenue according to Blueprint reports
However, cost of collection/FIRS Refund/Allocation to North East Development Commission and Transfer to Excess Oil Revenue was N15.134 billion.
This month’s figures showed an increase from the previous month. The Statutory Revenue in March was N227.265 billion and that of the month of April was N370.411 billion.
According to the Committee. Gross Revenue from Value Added Tax (VAT) however was much lower comparing to that of the month of March. The previous month was N120.268 billion against that of April which was N94.495 billion.
A breakdown showed that federal government got N13.182 billion, States received N43.941 billion and Local Government Councils got N30.758 billion.
The Committee also revealed there was a decrease in the Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, Oil and Value Added Tax (VAT).