The Federation Account Allocation Committee (FAAC) has released N679.699 billion as May entitlements to the three tiers of government.
The figure includes earnings from gross statutory revenue, Value Added Tax (VAT) and sundry income exchange gains.
Addressing reporters yesterday after the monthly FAAC meeting in Kano, the Accountant General of the Federation (AGF), Idris Ahmed, noted that government generated N571.731 billion, indicating a N52.815 billion increase over the N518.916 billion posted the previous month.
He said the oil-producing states shared N40.320 billion as derivation fund.
The swell of the finances, Ahmed pointed out was occasioned by increased oil royalties and company income tax, except for import duties and VAT that recorded marginal increase.
According to him, the revenue generated from VAT stood at N106.826 billion against April’s tally of N96.485 billion, representing a N10.341 billion leap.
A breakdown of the allocations revealed that the Federal Government pocketed N268.239 billion while the states and councils got N136.055 billion and N104.892 billion.
VAT revenue distribution also showed that the Federal Government received N15.383 billion, the states, N51,277 billion, and the councils collected N35.894 billion.
The AGF hinted that the country’s excess crude account was $63.005 million as at June 26, 2019.
Asked if the local councils were getting their votes on first line charge, Ahmed said his office could not act on the financial autonomy of the third tier of government until the government at the centre resolves the matter.
He urged the state governments to act urgently on the legal issues involving them and some consultants before the next FAAC meeting.
