FG, STATES, LGCs SHARE N679.699billion in MAY 2019

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BY ONYEKA AJUMOBI ONOCHIE
A total of N679.699 billion has been distributed as federal allocation for the month of May, 2019 among the Federal, State and Local Government Councils.
The communiqué issued by the Technical Sub-Committee of the Federation Accounts Allocation Committee (FAAC) at the joint session held at the African House of the Kano State Government House after the 3rd Treasury Workshop indicated that the gross statutory revenue received is N571.731billion being higher than the N518.916 billion received in the previous month by N52.815 billion.
Revenues from oil royalty and Companies Income Tax (CIT) improved tremendously while Petroleum Profits Tax (PPT) decreased significantly. Import Duty and Value Added Tax (VAT), only recorded marginal increases.
The distributable statutory revenue for the month stands at N571.731 while the total revenue distributable for the current month (including VAT and Exchange Gain Difference) is N679.699 billion.
Therefore, from the Net Statutory Revenue, Federal Government received N284.163 billion representing 52.68%, while states received N187.605 billion representing 26.72% just as Local Government Councils received N140.997 billion representing 20.60%. The Oil Producing States received N40.436 billion representing 13% derivation revenue.
The Cost of Collection, Transfer and FIRS Refund comes up to N26.498 billion.
Furthermore, the gross revenue available from the 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. The breakdown of the distribution has the Federal Government receiving N15.383 billion representing 15%; the states – N51.277 billion representing 50% while the Local Government Councils received N35.894 billion also representing 35%.
The balance on Excess Crude Account was put at $63 million.

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