In light of dwindling proceeds from crude oil sales, government revenue has been shored up by non-oil revenues, which hitherto took a backseat.
The Federal Accounts Allocation Committee, (FAAC) on Wednesday disbursed about N305.12 billion to the three tiers of government, made up of the FG, States and LGs.
Minister for Finance, Mrs. Kemi Adeosun, who confirmed that the amount shared in May was higher than the N281.5 billion shared in April, attributed the increase in allocation to a slight improvement in non-oil revenues.
The allocation for May rose by N23.62 million compared with the N281.5 billion shared in April.
The FAAC meeting, was earlier scheduled to hold on Tuesday, but was suspended to Wednesday because of the protest by workers of the Ministry of Finance.
The minister explained that revenue from Companies’ Income Tax rose marginally despite the fact that the period when corporate organisations usually filed their tax returns was not due yet.
From the allocation for May, she said after deducting the cost of collection due to the Nigeria Customs Service and the Federal Inland Revenue Service, the Federal Government received a total of N122.83 billion; the states got N57.22 billion; while the 774 local government councils would share N44.12 billion.
An additional N16.73 billion was allocated to the oil-producing states based on the 13 per cent derivation principle.
Adeosun said, “Gross statutory revenue of N237.56bn received for the month was higher than the N213.81bn received in the previous month (April) by N23.64 billion.
Companies’ Income Tax recorded a marginal increase even as the time for companies to file their returns has yet to fall due.”
She put the balance in the Excess Crude Account at $2.26 billion.
RipplesNigeria …without borders, without fears
- FG to convert hotels, schools to isolation centres - May 29, 2020
- NLC wants govt to scrap security votes, stop taking loans - May 29, 2020
- Kastina govt lifts ban on religious gatherings, others - May 29, 2020