High corporate tax collections spur FG revenue in May 2017

The figure of the monthly allocation to Federal, State and Local governments for the month of May 2017 as revealed by the National Bureau of Statistics (NBS) indicates that there is a significant increase in the revenue of government within the month.

According to the statistics released by NBS on Thursday, June 22, 2017, the government revenue increased by N45 billion to reach N462.4 billion in May as against N415.7 billion recorded in April 2017.

The breakdown of the revenue showed that a total of N317.562 billion (68.67%) was from statutory Federation Account; N64.81 billion from exchange rate differentials; N67 million from Petroleum Profits Tax (PPT) and N79.99 billion from Value Added Tax (VAT).

Speaking at the end of the meeting, the Accountant General of the Federation, Mr Mohammed Usman noted that the increase in the revenue that accrued to the Nigeria government during the month of May 2017 can be attributed o the increases in revenues from companies Income tax and oil royalty.

Mr Usman continued that revenue from Customs and exercise duties was also marginal noting that the deep in oil prices also affected the country’s earnings from oil export.

On the revenue distribution to each tier of government, the Federal Government received N147.68 billion; State governments got N74.91 billion and Local Governments got a sum of N57.75 billion.

Oil producing communities received N20.51 billion as 13 percent derivation on oil revenue for the month.

From the VAT, the Federal government received N11.518 billion, states N38.393 billion, and N26.88 billion for the 774 Local governments in Nigeria.