By Dayo Omoogun
The Federation Accounts Allocation Committee (FAAC) meeting held Wednesday via Virtual Conferencing shared to the three tiers of government, a total sum of N547.309bn
as federation allocation for the month of May 2020 according to a statement signed by Hassan Dodo, the Director, Press and Public Relations Unit of the Federal Ministry of Finance, Budget and National Planning.
The meeting was chaired by the Permanent Secretary of the Ministry, Dr Mahmoud Isa-Dutse.
According to the committee, the total distributable revenue for the month including the cost of collection to the Nigeria Customs Service, Department of Petroleum Resources and the Federal Inland Revenue Service is N547.309bn.
Of this amount, the Federal Government received N219.799bn, the States received N152.436bn, Local Government councils got N114.095bn, while the oil-producing states received N37.021 bn as derivation (13% of Mineral Revenue).
Cost of collection/FIRS Refund/ Allocation to North East Development Commission was N23.958bn.
The communiqué issued by the Committee at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for May 2020 was N103.873 billion as against the N94.498 billion distributed in the preceding month of April 2020, resulting in an increase of N9.377 bn.
The distribution is as follows; Federal Government got N14.490bn, the States received N48.301bn, Local Government Councils got N33.811bn, while derivation got N0.000 and Cost of Collection/ FIRS Refund/ Alloc. to NEDC got N7.271bn.
On a comparative note, the distributed Statutory Revenue of N413.953bn received for the month was higher than the N370.411bn received for the previous month by N43.542bn, which the Federal government received N191.580 bn, States got N97.172bn, LGCs got N74.915 bn, Derivation got N33.599 bn and Cost of Collection got N16.687 bn.
The communiqué revealed that while Companies Income Tax (CIT), Oil Royalty and Excise Duty recorded decreases, Petroleum Profit Tax (PPT), Import Duty and Value Added Tax (VAT) recorded increases.
No mention was made of the Excess Crude Account consequent upon the generally difficult conditions of the international oil market which has instigated lower production quotas and low prices in recent times.