FG, States LGAs Share N716.2bn for December

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The Federation Account Allocation Committee (FAAC) on Thursday shared a total of N716.298 billion for the three levels of government in December 2019.

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

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The value, according to him, included revenue from Value Added Tax (VAT), Exchange Gain and Statutory Revenue.

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

This, he pointed out, is higher than the N491.875 billion received the previous month by N108.439 billion.

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Gross revenue available from VAT was N114.805 billion, compared to N90.166 billion distributed in the previous month, resulting in an increase of N24.639 billion.

Exchange Gain generated total revenue of N1.179 billion.

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

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Revenue generating agencies, in turn, received N43.089 billion as revenue collection cost.

The additional distribution breakdown indicated that of the gross statutory revenue of N600.314 billion, the federal government received N271.361 billion, state governments earned N137.638 billion, Local Government Councils received N106.113 billion, producing states of oil received N50.149 billion as derivation revenue of 13% and revenue collection agencies received N35.053 billion as collection cost.

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

Isa-Dutse revealed that there were significant increases in corporate income tax (CIT), VAT, oil and gas royalties and oil profits tax (PPT) revenues in the month under review, while import duties increased marginally.

He stated that on January 15, the excess crude oil (ECA) account balance was $ 324,968 million.

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