FG, STATES, LGs SHARE N605.958BN FOR MAY

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The Federation Accounts Allocation Committee (FAAC), Wednesday at its meeting through virtual conference shared to the three tiers of government, a total sum of N605.958 billion as federation allocation for the month of May, 2021.

From this amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N242.120 billion, the States received N194.195 billion, the Local Government Councils got N143.742 billion, while the oil producing states received N26.901 billion as derivation (13% of Mineral Revenue).

The communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for May, 2021 was N181.078 billion as against N176.710 billion distributed in the preceding month of April, 2021, resulting in an increase of N4.368 billion.

The distribution is as follows; got N25.260 billion, the state received N84,202 billion, and Local Government Councils got N58.941billion.

The distributed Statutory Revenue of N428.198 billion received for the month was lower than the N497.385 billion received for the previous month by N69.197 billion, from which the Federal government received N175.541 billon, States got N89.037 billion, LGCs got N69.644 billion, and Derivation (13% Mineral Revenue) got N24.666 billion.

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