FG, State, LGAS shared N1.66TR as an income allocation for May

Three levels of government on Wednesday shared the number of N1.66 trillion as an income allocation for May.

Director of Press and Public Relations, General Federation Accounting Firm, Mr. Bring Mokwa, revealed this in the communication issued at the end of the meeting of the Federation Account Allocation Committee (FAAC) in Abuja.

According to Communike, N1,659 trillion total income that can be distributed consists of legal income of N863,895 billion and Value Added Tax (VAT) N691,714 billion.

He added that the total gross income N2,942 trillion was available in May.

Communike reads: “This also consists of electronic money transfer levies (EMTL) from N27,667 billion and differences in N76,614 billion.

“The total reduction in the collection fee is N111,908 billion, while the total transfer, intervention, and refund are N1.171 trillion.

“Gross legal income of N2,094 trillion was received in May. This is higher than the number of N2,084 trillion received in April by N10,023 billion.

“N742,820 billion gross income is available from VAT in May. This is higher than N642,265 billion available in April by the N100,555 billion.

“Of the total revenue that can be distributed, the federal government receives the number of N538,004 billion, and the state government receives a total number of N577,841 billion.

“LGC received N419,968 billion, while the number of N124,076 billion (13 percent of mineral income) was distributed to profitable countries as derivation income.

“In the N863,895 billion legal income that can be distributed, the Federal Government received N393.518 billion and the state government received N199,598 billion.

“LGC receives N153,881 billion and the number of N116,898 billion (13 percent of mineral income) is distributed to profitable countries as derivation income.

Also read: FG, Country, LGAs Distribute N1.57Tr as an income allocation for March

“From the N691,714 billion VAT revenue, the federal government received N103,757 billion, the state government received N345,857 billion, and the LGC received the N242,100 billion.

“The number of N4,150 billion was received by the federal government from N27,667 billion EMTL, added that the state government received N13,833 billion and LGC received N9,683 billion.

“From N76,614 billion exchange revenue exchanges, the federal government received N36,579 billion and the state government received N18,553 billion.

“LGC receives N14,304 billion, while the number of N7,178 billion (13 percent of mineral income) is distributed to profitable countries as derivation income.

“In May, company income tax (CIT), VAT, and import duties increased significantly while CET levies, oil profit tax (PPT), oil and gas royalties, and EMTL recorded a decline.

“Excise only increases a little.”