Business - Business & Economy - News - June 24, 2021

Nigerian govt. States, Local Councils share N606 bn for May 2021  

The three tiers of government, consisting Federal, States and Local Government Councils shared a total N605.958billion as statutory allocations for May 2021.
At the end of the virtual conference   of the Federation Accounts Allocation Committee (FAAC) in Abuja, the Accountant General of the Federation, Ahmed Idris, said the Federal Government received about N242.120 billion; States N194.195 billion, and Local Government Councils N143.742 billion.
The oil producing states received about N26.901 billion as 23 percent  mineral derivation revenue for the month. 
The AGF said the total distributable revenue for the month, included 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 sector of N50 billion and N20 billion.
The revenue allocation was inclusive cost of collection paid to the Nigeria Customs Service (NCS) , Departmemt of Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS).
The communique issued by the  Committee at the end of the meeting said the gross revenue for the available distribution was realised from the Value Added Tax (VAT) of N181.078 billion in May as against N176.710 billion distributed in the preceding month, an increase of N4.368 billion.
The VAT distribution for the month were as follows: Federal  (N25.260 billion), States (N84.202billion), and Local Government Councils (N58.941billion).
The AGF said the distributed Statutory Revenue of  N428.198 billion received for the month was lower than the N497.385 billion received for the previous month by N69.197 billion.
Based on the approved sharing formula, the Federal government received N175.541 billon, States  N89.037 billion, Local Government Councils N69.644billion, and 13 percent Mineral Derivation Revenue to the oil producing states N24.666 billion.
The communique also showed that Companies Income Tax (CIT), and Oil and Gas Royalties, Import and Excise Duty recorded decreases during the month, with Value Added Tax (VAT) the only revenue source that recorded marginal increase.  

 
 

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