The revenue accruable to the federal, states and local governments in the country for December 2018 declined by N163.57 billion compared to that of November the same year.
This was disclosed by the Accountant General of the Federation, Ahmed Idris on Friday at the meeting of the Federation Account Allocation Committee (FAAC) in Abuja.
According to him, the Federal Government, states and local governments have shared N649.19 billion as revenue for December 2018 compared to the N812.76 billion share in November, 2018.
Breaking down the revenue, Idris disclosed that Mineral revenue reduced from N421.8 billion in November to N354.22 billion while Non-Mineral Revenue decreased from N227.7 billion in November to N193.24 billion.
He however stated that the Value Added Tax (VAT) collected for the month increased from N88.39 billion to N96.73 billion in December.
“The gross statutory revenue of N547.46 billion received for the month was lower than the N649.62 billion received in the previous month by N102.16 billion.
“Federation Crude Oil export sales dropped by N1.7 million barrels, resulting to a drop in Federation revenue by 83.54 million, regardless of a significant increase in price from 72.84 dollars to 81.06 dollars per barrel.
“There was shutdown, shut in and closure of production at various terminals due to fire, leakage and flooding.
“Revenues from VAT, import and excise duties and royalties increased marginally while Companies Income Tax and Petroleum Profit Tax decreased significantly”, Idris said.
Speaking further, Idris said the Federal Government received N255.2 billion; States N129.44 billion and N99.7 billion was received by the local governments.
Continuing, Idris said N45.52 billion, representing 13 per cent of the mineral revenue, was shared to oil producing states.
The Excess Crude Account, belonging to the three tiers of government, according to Idris has $631 million as balance.
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