FG, States, LGAs share N716.2bn for December

The Federation Accounts Allocation Committee (FAAC) on Thursday shared a total of N716.298 billion to the three tiers of government for the month of December 2019.

The Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alhaji Mahmoud Isa-Dutse, disclosed this at the end of the FAAC meeting in Abuja.

The amount, according to him, comprised revenue from Value Added Tax (VAT), Exchange Gain and the Statutory Revenue.

The Permanent Secretary added that the gross statutory revenue for December 2019 was N600.314 billion.

This, he stressed was higher than the N491.875 billion received in the previous month by N108.439 billion.

The gross revenue available from VAT was N114.805 billion as against N90.166 billion distributed in the previous month, resulting in an increase of N24.639 billion.

Exchange Gain yielded a total revenue of N1.179 billion.

A breakdown of the total revenue of N716.298 billion, showed that the Federal Government received N287.929 billion, the state governments got N191.302 billion, and the Local Government Councils collected N143.698 billion, while the Oil Producing States went home with N50.279 billion as 13 percent derivation revenue

The Revenue Generating Agencies on their part received N43.089 billion as cost of revenue collection.

Further breakdown of the distribution indicated that from the gross statutory revenue of N600.314 billion, the federal government received N271.361 billion, the state governments earned N137.638 billion, the Local Government Councils garnered N106.113 billion, the Oil Producing States received N50.149 billion as 13 percent derivation revenue and the Revenue Collecting Agencies got N35.053 billion as cost of collection.

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From the VAT revenue of N114.806, the federal government received N16.015 billion, the state governments took home N53.386 billion, the Local Government Councils N37.369 billion and the Revenue Generating Agencies received N8.036 billion as cost of revenue collection.

Isa-Dutse revealed that there were significant increases in revenues from Companies Income Tax(CIT), VAT, Oil and Gas Royalties and Petroleum Profit Tax (PPT) in the month under review, while import duty increased marginally.

He said as at January 15, the balance in the Excess Crude Account (ECA) was $324.968 million.

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