Tuesday, October 27, 2020

Federal Government, States, Councils, recent agencies share N716.3B



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

This was announced on Thursday at the FAAC meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alhaji Mahmoud Isa-Dutse .

The N716.298 billion comprised revenue from Value Added Tax (VAT), Exchange Gain and the Statutory Revenue.

The FAAC also announced that as at 15th January, 2020, the balance in the Excess Crude Account (ECA) was $324.968 million.

The gross statutory revenue for the month of December 2019 was N600.314 billion. It was N108.439 billion higher than the N491.875 billion received in the previous month.

The gross revenue available from the Value Added Tax (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 communique issued by FAAC indicated that from the total revenue of N716.298 billion, the Federal Government received N287.929 billion; states, N191.302 billion; and local government areas, N143.698 billion.

The oil producing states received N50.279 billion as 13 per cent derivation and the revenue generating agencies, N43.089 billion as cost of collection.

A breakdown of the distribution showed that from the gross statutory revenue of N600.314 billion, the Federal Government received N271.361 billion; states, N137.638 billion, council areas received N106.113 billion; oil producing states, N50.149 billion as 13 per cent derivation and revenue collecting agencies, N35.053 billion.

From VAT revenue of N114.806, the Federal Government received N16.015 billion; states, N53.386 billion; local government areas, N37.369 billion and revenue generating agencies, N8.036 billion as cost of revenue collection.

The communique confirmed that for the month of December 2019, there were significant increases in revenues from companies income tax (CIT), VAT, oil and gas royalties and Petroleum Profit Tax (PPT). Import duty also increased marginally.