The Federal Government on Wednesday shared the sum of N547.309 billion with the 36 states and local government areas in Nigeria for the month of May.
The sharing was done by the Federation Accounts Allocation Committee (FAAC) as made public the Director of Information in the Ministry of Finance, Budget and National Planning, Hassan Dodo, in a statement.
He said FAAC held the meeting virtually and was chaired by the Permanent Secretary in the ministry, Dr Mahmoud Isa-Dutse.
Dodo said from this amount, which included Value Added Tax (VAT), Exchange Gain and Excess Bank Charges recovered, the Federal Government received N219.799 billon, States got N152.436 billion while Local Governments received N114.095 billion.
According to him, oil producing states received N37.021 billion 13 per cent derivation fund while the cost of collection of Federal Inland Revenue Fund (FIRS) Refund Allocation to North East Development Commission (NEDC) was N23.958 billion.
“The Gross Revenue available from the VAT for May was N103.873 billion against N94.498 billion distributed in the preceding month of April resulting in an increase of N9.377 billion.
“The distribution is as follows: Federal Government got N14.490 billion, the States received N48.301 billion, Local Government Councils had N33.811 billon, while derivation got N0.000 and Cost of Collection and FIRS Refund/Allocation to NEDC got N7.271 billion.
“The distributed Statutory Revenue of N413.953 billion received for the month was higher than the N370.411 billion received for the previous month by N43.542 billion, which the Federal Government got N191.580 billon, States received N97.172 billion and Local Governments got N74.915 billion.
“Derivation got N33.599 billion and Cost of Collection was N16.687 billion,” he stated.