FAAC Reflates Economy With N679.69bn in May
The three tiers of government, Federal, State and Local Governments shared the sum of N679.69 billion as the Federal Account Allocation Committee (FAAC) reflated the economy.
The allocation which was for May was distributed at its joint session held at the African House, Kano State.
A release by the Ministry of Finance on Thursday said the Federal Government received N284.16 billion (52.68 percent), the states N187.6 billion (26.72 percent) and LGs got N140.99 billion (20.60 percent).
The release signed by the Director of Information, Mr. Hassan Dodo, disclosed that the oil producing states received N40.43 billion as 13 percent derivation revenue.
Quoting the communiqué of the Technical Sub-Committee, Dodo said the distribution was inclusive of cost of collection to Nigeria Customs Service, Department of Petroleum Resources and the Federal Inland Revenue Service.
He stated that the total revenue distributable for the month included Value Added Tax of N106.82 billion and Exchange Gain of N1.14 billion, adding that the cost of collection/transfers/FIRS refund stood at N26.498 billion
He also said that the communiqué indicated that the gross revenue available from VAT was N10.34 billion more than the N96.48 billion distributed in April, adding that Import Duty and VAT recorded marginal increases.
It further disclosed that the distributed statutory gross revenue of N571.73 billion received for the month was higher than the N518.91 billion received in the previous month by N52.81 billion.
According to the communiqué, revenues from Oil Royalty and Companies Income Tax recorded significant increases, while the Petroleum Profit Tax (PPT) decreased significantly.
Dodo said that the committee disclosed that as at Thursday, the Excess Crude Account had a balance of 63 million dollars.
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