Posted by ISAAC ANUMIHE, Abuja on
Federal Accounts Allocation Committee (FAAC) yesterday, in Abuja, distributed N266.56 billion among the Federal Government, states and the 774 local governments as May 2007 revenue.
Federal Accounts Allocation Committee (FAAC) yesterday, in Abuja, distributed N266.56 billion among the Federal Government, states and the 774 local governments as May 2007 revenue.
While N241.689 billion came from oil revenue, N24.880 billion was derived from Valued Added Tax.(VAT).
However, out of this amount, N113,531,825,505.10 (52.68 per cent) went to the Federal Government while state governments collected N57,584,859,102.05 (26.72 per cent) and the local governments N44,395,512,631.07
The nine oil producing states comprising Edo Delta, Ondo, Akwa Ibom, Bayelsa, Rivers Cross River, Abia, Imo shared N26,176,322,302.76 being 13 per cent derivation from oil earnings.
Whereas N213,600,415,920.10 was distributed in April, representing an increase of N28,088,103,620.88, for the month under review, the total amount available for distribution under VAT is N25.917 billion, as against the N25,214BN distributed in April.
Also from VAT, in the month of May, the Federal Government got N3,732,030,569.36 representing 15 per cent, the state governments received N12,440,101,897.88 while the local governments got N8,708,071,328.52
Addressing newsmen immediately after the meeting, the Accountant General of the Federation, Alhaji Ibrahim Musa Dankwambo, who chaired the occasion, stated that the Federal Government would organize an orientation course for the new Finance Commissioners coming from the states to attend the FAAC meeting, so as to enable them acquaint themselves with the rudiments of revenue sharing.