FAAC allocation: FG, others get N679.6bn in May

Acheme Jack, Kano

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The total sum of  N679.699 billion has been distributed to the  Federal, State and Local Governments in Nigeria as Federal Allocation for the month of May, 2019.

The gross statutory revenue received for the month of May was up by N52.815 billion compared to the previous month.

The Accountant General of the Federation (AGF), Ahmed ldris at the end of the Federation Accounts Allocation Committee (FAAC) meeting held in Kano state north western Nigeria said “the Gross statutory revenue received is N571.731  billion up by N52.815 billion compared to the  N518.916  billion received in the previous month of April, 20219”

He said in the total allocation which is” inclusive of Value added Tax  VAT and Exchange gain , the federal government got N284.163 billion, State governments received N187.606, and local government councils got N140.997, while derivation of 13% which went to the oil producing states accounted for N40.436 and cost of collection transferred to the Federal inland Revenue amounted N26.498.”

He said Revenues from Oil Royalty and Companies Income Tax (CIT) for the month under review improved tremendously while Petroleum Profits Tax (PPT) decreased significantly.

Import  Duty and Value Added Tax (VAT), only recorded marginal increases.

He said the much anticipated direct credit of Local council’s accounts based on the directive given to the newly formed Nigeria Finance Intelligence Unit could not be possible because a mandated Presidential committee is working on the modalities and percentages to be allocated.

“As soon as their work is completed the implementation will start because it is a constitution issue which granted them independency. In fact, it is not only the LGCs, that of the Judiciary is also being worked on,” said Ahmed.

The next meeting is scheduled to hold on Tuesday 23rd and Wednesday 24th  July, 2019.

Suzan O