The Federal, states and local governments have shared 679.7 billion naira as statutory allocation for the month of May, 2019.
Federation Accounts Allocation Committee, FAAC, said this in a communiqué issued at the end of the 3rd Treasury Workshop held in Kano.
The Committee said that the gross statutory revenue received for May stood at 571.73 billion naira, which represents 10 percent or 518.9 billion naira increases when compared with the 518.9 billion naira shared in the previous month.
The communiqué noted that revenues from oil royalty and Companies Income Tax, improved tremendously while Petroleum Profits Tax decreased significantly with Import Duty and Value Added Tax VAT recording marginal increases.
Furthermore, FAAC noted that the gross revenue available from Value Added Tax VAT was 106.826 billion naira as against 96.485 billion naira distributed in the preceding month, resulting in an increase of 10.341 billion naira.