FG, States, LGs, Share N409bn For May

The three tiers of government, yesterday, shared a total sum of N409.354 billion for the month of May, a N30.113 billion increase over the N388.339 billion shared in the month of April.

The breakdown shows that N324.061 billion was gotten from statutory allocation, N56.04 billion from Value Added Tax (VAT) N6.330 billion as refund by the Nigeria National Petroleum Corporation (NNPC) to Federal Government, as well as the N31.240 billion exchange gain.

A break-down of the distributions showed that the Federal Government got N151.805 billion from statutory allocation, which represents 52.68 percent, while states and local governments received N76.998 billion and N59.362 billion respectively, representing 26.72 per cent and 20.60 per cent.

The Federal Government received N182 billion from VAT, the states and local governments got N27.274 billion and N19.092 respectively.

Oil producing states shared N29.071 billion as the 13 percent derivation against 23.109 billion shared in the previous month.

Following the Federal Accounts Allocation Committee (FAAC) meeting, the Permanent Secretary in the Ministry of Finance, Mrs. Anastasia Nwaobia, told journalists that the gross revenue of N324.061 billion received for the month was higher than the N282.062 billion received in April by N41.999 billion, due to the improvement from the refund to Federal and the exchange gain added to the revenue.

Nwaobia said Federal Government has taken steps to block all the identified leakages in the system and hoped that the source of revenue to government will continue to improve in coming months.

Under the excess crude account, ECA, she explained that the reserve stood at $2.78 billion as at yesterday, from which they had the refund of N6.360 billion.

The post FG, States, LGs, Share N409bn For May appeared first on Naijabams.