THE federal, state and local governments in Nigeria shared a total of N605.95 billion in May.

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

The amount included the cost of collection to the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

The Federal Government received N242.12 billion, while the 36 states and the Federal Capital Territory (FCT) got N194.20 billion. Local government councils and the nine oil-producing states received N143.74 billion and N26.9 billion (13 per cent derivation) respectively from the amount shared. 

The amount shared in May was lower when compared to what was shared in April (N616.89 billion). This represents a decrease of about two percent.

In April, the Federal Government received N244.01 billion; states received N193.43 billion;  local government councils got N143.3 billion, while the oil-producing states received N36.15 billion as derivation (13 per cent of mineral revenue). Cost of collection/transfer and refunds got N79.47 billion.

The gross revenue available from the value added tax (VAT) for May 2021 was N181.078 billion as against N176.710 billion distributed in April 2021, resulting in an increase of N4.368 billion.

The Federal Government got N25.26 billion, the states received N84.20 billion, while the local government councils got N 58.94 billion.

The committee also revealed that 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 and local governments got N89.037 billion and N69.644 billion respectively, while derivation (13 per cent mineral revenue) had N24.666 billion.

Companies income tax (CIT), and oil and gas royalties, import and excise duty recorded decreases, while only VAT marginally increased.

The committee also indicated that the total revenue distributable for the current month was inclusive of gross statutory revenue of N357.888 billion, VAT of N168.403 billion, solid mineral revenue of N7.940 billion, exchange gain of N1.727 billion and augmentation from non-oil of N50 billion and N20 billion.