BUMPER HARVEST AS FG, STATES, LGS SHARE N843.5BN IN MAY

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The Federation Accounts Allocation Committee (FAAC) yesterday shared a total distributable revenue amounting to about N843.57 billion among the three tiers of government for the month of May, signalling a big increase over what was shared in recent months.
Monthly revenue collections had been on the decline following illegal bunkering activities, pipeline vandalisation, among others in recent times, reducing monthly allocations to an average of about N550 billion.
But gross revenue for the month under review stood at about N844.03 billion which was about N259.88 billion higher than about N584.15 billion received in the previous month.
Addressing journalists after the monthly meeting of the committee in Abuja, the Accountant- General of the Federation (AGF), Mr. Jonah Otunla, however said receipt for the month was boosted by a bulk payment of $1.2 billion by the Nigerian Liquified Natural Gas (NLNG) which made a profound impact on revenue collections for May.
In addition, he said the upward review of estimates by the Shell Petroleum Development Company of Nigeria Limited (SPDC) and other companies also helped in enhancing revenue for the month under review.
Otunla said total mineral and non- mineral revenue stood at about N844.03 billion while value added tax receipts amounted to about N65.41 billion for the month.
Although about N683.89 billion was the total distributable revenue, an additional sum of about N159.68 billion was also shared from the excess non mineral revenue.
A breakdown of the distribution showed the federal government received about N273.66 billion while the states got about N138.80 billion as well as the local governments which shared about N107.01 billion.
Also, the sum of about N54.29 was shared to oil and gas producing states under the derivation principle.
For the VAT, the federal, states and local governments received the sum of about N10.14 billion, N33.81 billion and N23.67 billion respectively.
Source: Thisday

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