The distributed statutory revenue of received for May was lower than the previous month by N69 billion.

The Federal Accounts Allocation Committee (FAAC) on Wednesday said it shared a total of N605.958 billion as May 2021 revenue to the Federal, States and Local Governments as well as other relevant agencies.

Charles Nwodo, Director, Information, Ministry of Finance, Budget and National Planning, in a statement in Abuja, said the amount was shared during a virtual conference of the committee.

The committee, in a communique, noted that the N605.958 billion shared included cost of collection to the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

The committee also stated in that the Federal Government received N242.120 billion, the states got N194.195 billion while the LGs received N143.742 billion.

It added that the oil producing states received N26.901 billion as derivation (13 per cent of mineral revenue).

According to the committee, the Gross Revenue available from the Value Added Tax (VAT) for May 2021 was N181.078 billion as against N176.710 billion distributed in the preceding month of April 2021.



This resulted in an increase of N4.368 billion.

It said: “The distribution is as follows; Federal Government got N25.260 billion, the States received N84.202 billion, and Local Government Councils got N58.941 billion.

“The distributed Statutory Revenue of N428.198 billion received for the month was lower than the N497.385 billion received for the previous month by N69.197 billion, from which the Federal Government received N175.541 billion, States got N89.037 billion, LGs got N69.644 billion, and Derivation (13 per cent Mineral Revenue) got N24.666 billion.”

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