As the three tiers of government shared N305.128 billion from the May 2016 Federation Account Allocation Committee (FAAC).the Minister of Finance, kemi Adeosun has also revealed the balance in the Excess Crude account.
According to the finance minister, the sum of N237.466 billion was available for statutory allocation compared to N213.817 billion realised in the month of April, 2016, while Value Added Tax( VAT) improved slightly to N62.649 billion compared to N62.511 billion shared last month.
Adeosun announced that a gross statutory revenue of N237.566 billion was received for the month which was higher than the N213.817 billion received in the previous month by N23.649 billion. According her, “Companies Income Tax ( CIT) recorded a marginal increase even as the time for companies to file their returns is yet to fall due.”
The balance in Excess crude account remained unchanged at $2.261 billion.
In March 2016, the balance on the Excess Crude Account stood at $2.3bn.