The Federation Account Allocation Committee (FAAC) yesterday shared N701.022 billion to the three tiers of government as federal allocation for May, 2018.
The figure was described as “an improvement from N626.8 billion shared in April” by the Permanent Secretary Federal Ministry of Finance, Dr Mahmoud Isa Dutse .
While addressing reporters at the end of the FAAC meeting in Abuja yesterday, Dr Dutse said the Federal Government got N289.045 billion, states got N181.963 billion, while the Local Government Areas received NN137.327 billion. The 13 per cent mineral revenue for oil producing states stood at N49.756, while the cost of revenue collection and Federal Inland Revenue Service (FIRS) refund N42.932 billion.
Dutse also disclosed that the Excess Crude Account (ECA) balance now stands at $1.911 billion after N24.5 billion savings was added to it. Itvwould be recalled that the Federal Government had withdrawn about $1billion from the account to purchase aircraft to tackle insurgency in the country.
Also, an additional N11.269 billion was received from NNPC after April FAAC and it was distributed accordingly. “We are having discussion with the NNPC to reconcile figures and will be resolved soon,” he said.
From the breakdown of the Net Statutory revenue; the Federal Government received N276.535 billion representing 52.68 per cent; states received N140.262billion representing 26.72 per cent; Local Government Areas received N108.136billion representing 20.60 per cent; while the Oil Producing States received N49.756billion also representing 13 per cent derivation revenue.
Furthermore, from the available revenue from Value Added Tax (VAT), Federal Government received N12.510billion representing 15 per cent; states received N41.701billion representing 50 per cent while the Local Government Areas received N29.190 billion also representing 35per cent.
The Technical sub -Committee of FAAC at the end of the meeting indicated that the gross statutory revenue received for the month was higher than the N480.599billion received in the previous month by N132.458 billion. Crude oil export sales volume increased by 64 per cent when compared with the 7.72million barrels from the previous month, resulting in increased revenue from Federation Crude Oil Export Sales by $226.90million.
