The federation accounts allocation committee (FAAC) on Wednesday shared N547.309 billion to the three tiers of government for May, the lowest federal allocation since the beginning of this year.

Crude oil prices have crashed and economic activities ground to a halt after the imposition of a global lockdown to contain the spread of coronavirus.

In a statement on Wednesday, director of information in the ministry of finance, budget and national planning, Hassan Dodo, said the allocations were made after a virtual meeting chaired by Mahmoud Isa-Dutse, the permanent secretary in the ministry.

Dodo explained that the federal government received N219.799 billion, state governments got N152.436 billion and local government councils received N114.095 billion.

The oil producing states also got N37.021 billion as 13 percent derivation fund.

He added that the gross revenue from value added tax (VAT) for May rose by N9.377 billion.

The Gross Revenue available from the VAT for May was N103.873 billion against N94.498 billion distributed in the preceding month of April resulting in an increase of N9.377 billion, the statement read.

The distributed Statutory Revenue of N413.953 billion received for the month was higher than the N370.411 billion received for the previous month by N43.542 billion,

Derivation got N33.599 billion and Cost of Collection was N16.687 billion.

It added that petroleum profit tax (PPT), import duty and VAT recorded increases, while companies income tax (CIT), oil royalty and excise duty recorded decreases.

FRCN

Daily Nigerian

Leave a Reply