A total of N605.958bn was shared as May 2021 allocation to the federal, states and local councils as well as other relevant agencies, the Federal Accounts Allocation Committee has said.
The Director of Information at the Ministry of Finance, Budget and National Planning, Charles Nwodo, stated this on Wednesday.
According to the statement, the amount was shared during a virtual conference of the committee.
It said the committee, in a communique, explained that the N605.958bn shared included cost of collection to the Nigeria Customs Service, Department of Petroleum Resources and the Federal Inland Revenue Service.
The Federal Government received N242.120bn, states got N194.195bn and the councils received N143.742bn, while the oil-producing states received N26.901bn as 13 per cent derivation of revenue.
The gross revenue available from the Value Added Tax for the month under consideration was N181.078bn as against N176.710bn distributed in April 2021, which represented an increase of N4.368bn, it also stated.
“The distributed statutory revenue of N428.198bn received for the month was lower than the N497.385bn received for the previous month by N69.197bn, from which the Federal Government received N175.541bn, states got N89.037bn, local councils got N69.644bn, and derivation got N24.666bn,” FAAC stated.
The committee also revealed that Companies Income Tax, oil and gas royalties, import and excise duty recorded decreases, while only VAT increased, although marginally.
It added that the total revenue distributable for the current month was inclusive of gross statutory revenue of N357.888bn, VAT of N168.403bn, solid mineral revenue of N7.940bn, exchange gain of N1.727bn and an augmentation from non-oil revenue of N50bn and N20bn.
