Buhari releases workers salary for Month of May -As FAAC shares N606.196bn

 By Our Correspondent

     President Muhammadu Buhari has released workers salary for the month of May this year as the Federation Accounts Allocation Committee (FAAC) has shared to the three tiers of government, a total sum of N606.196 billion for the month of April 2020.

 President Muhammadu Buhari

    This was the outcome of the FAAC virtual meeting held in Abuja which the figure is lower than N780.926 billion shared in March..
 

    The Permanent Secretary of the Ministry, Dr. Mahmoud Isa-Dutse headed the meeting.

Value Added Tax (VAT), exchange gain, solid mineral revenue, excess bank charges and excess oil revenue, the Federal Government received N169.831 billion, the States received N86.140 billion, Local Government councils got N66.411 billion from the amount.

    The oil-producing states also got N32.895 billion as derivation (13% Mineral Revenue).

N15.134 billion was allocated to cost of collection/refund for the Federal Inland Revenue Service (FIRS), North East Development Commission and transfer to excess oil revenue.

The communiqué issued by the Federation Accounts Allocation Committee (FAAC) showed that the Gross Revenue available from the Value Added Tax (VAT) for April 2020 was N94.495 billion as against the N120.268 billion shared in the month of March 2020. This resulted in a decrease of N25.772 billion.

The distribution is as follows: Federal Government got N13.182 billion, the States received N43.941 billion, Local Government Councils got N30.758 billion.

The distributed Statutory Revenue of N370.411billion received for the month was lower than the N597.676 billion received for the previous month by N227.265 billion.

The communiqué also revealed that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, Oil and Value Added Tax (VAT), all recorded decreases.

The total revenue distributable for the current month (including the cost of collection to the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS) according to the committee is N606.196 billion.