The Federation Account Allocation Committee (FAAC) has disbursed N679.69 billion to the Federal Government, States and Local Government Councils as revenue for the month of May.
This was disclosed by the Accountant General of the Federation (AGF), Ahmed Idris on Thursday after FAAC meeting in Kano.
According to Idris, the distribution covered the allocations to the three tiers of government, inclusive of cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and Federal Inland Resource (FIRS).
He said the gross statutory revenue of N571.7 billion received for the month was higher than the N518.9 billion received in the previous month by N52.8 billion.
Idris said revenues from oil Royalty and Companies Income Tax (CIT) improved tremendously while Petroleum Profit Tax (PPT) decreased significantly, pointing out that import duty and value-added tax only recorded marginal increases.
He, however, explained that the distributable statutory revenue for the month was N571.73 billion saying the total revenue distributable for the current month including VAT and exchange gain was N679.69 billion.
The AGF explained that the federal government was allocated N268.23 billion, while states got N136.05 billion and local governments received N104.89 billion.
He indicated that for the month of May, the gross revenue available from the VAT was N106.82 billion as against N96.48 billion distributed in the preceding month, resulting in an increase of N10.34 billion.
According to him, the oil producing states received N40.32 billion as 13 per cent oil derivation revenue.
He disclosed that the next FAAC meeting was proposed for July 23 and July 24 in Abuja
