According, "The Federation Accounts Allocation Committee" (FAAC) has shared (₦547.309 bn) to the three tiers of government as federation allocation for May, 2020.
Also from this amount, "inclusive of VAT", The Exchange Gain and Excess Bank Charges recovered, the Federal Govt received (N219.799 bn), States (N152.436 bn) while the Local Government councils got (N114.095 bn).
The Oil producing states received (N37.021 bn) as derivation (13% of Mineral Revenue).
The (₦23.958 bn) was shared as cost of collection, FIRS Refund, and Allocation to "North East Development Commission".
Communique by the "Federation Account Allocation Committee" (FAAC), the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for May 2020 was (₦103.873 bn) as against the (₦94.498 bn) distributed in the preceding month of April, 2020, resulting in an increase of (₦9.377 bn).
Also distribution of "VAT" proceeds is: Federal Government (₦14.490 bn), the States (₦48.301 bn), Local Government Councils ₦33.811billon, while Cost of Collection; FIRS Refund; Allocation. to "NEDC" Gulped (₦7.271 bn).
Actually, the distributed Statutory Revenue of (₦413.953bn) received for the month was higher than the (₦370.411 bn) received for the previous month by (₦43.542 bn), with the "Federal government pocketing (₦191.580 bn), States, (₦97.172 bn)", Local Government Councils (LGCs); (₦74.915 bn).
13% derivation to oil mineral producing states amounted to (₦33.599 bn) and Cost of Collection got (₦16.687 bn).
Also from this amount, "inclusive of VAT", The Exchange Gain and Excess Bank Charges recovered, the Federal Govt received (N219.799 bn), States (N152.436 bn) while the Local Government councils got (N114.095 bn).
The Oil producing states received (N37.021 bn) as derivation (13% of Mineral Revenue).
The (₦23.958 bn) was shared as cost of collection, FIRS Refund, and Allocation to "North East Development Commission".
Communique by the "Federation Account Allocation Committee" (FAAC), the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for May 2020 was (₦103.873 bn) as against the (₦94.498 bn) distributed in the preceding month of April, 2020, resulting in an increase of (₦9.377 bn).
Also distribution of "VAT" proceeds is: Federal Government (₦14.490 bn), the States (₦48.301 bn), Local Government Councils ₦33.811billon, while Cost of Collection; FIRS Refund; Allocation. to "NEDC" Gulped (₦7.271 bn).
Actually, the distributed Statutory Revenue of (₦413.953bn) received for the month was higher than the (₦370.411 bn) received for the previous month by (₦43.542 bn), with the "Federal government pocketing (₦191.580 bn), States, (₦97.172 bn)", Local Government Councils (LGCs); (₦74.915 bn).
13% derivation to oil mineral producing states amounted to (₦33.599 bn) and Cost of Collection got (₦16.687 bn).
The communique revealed that Petroleum Profit Tax (PPT), Import Duty and Value Added Tax (VAT) recorded increases, while Companies Income Tax (CIT), "Oil Royalty and Excise Duty recorded decreases".
'Communique was silent on how much is leftover in the Excess Crude Account"
'Communique was silent on how much is leftover in the Excess Crude Account"
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