Zainab Ahmed

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, Mahmoud Isa-Dutse.

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

The FAAC announced that as at January 15, 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 higher than the N491.875 billion received in the previous month by N108.439 billion.

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 total revenue of N1.179 billion.

A communiqué issued by FAAC indicated that from the total revenue of N716.298 billion, the Federal Government received N287.929 billion, state governments received N191.302 billion, and local government councils received N143.698 billion.

Oil producing states received N50.279 billion as 13% derivation revenue and revenue generating agencies received N43.089 billion as cost of revenue collection.

From the Value Added Tax (VAT) revenue of N114.806, the Federal Government received N16.015 billion, state governments received N53.386 billion, local government councils received N37.369 billion and revenue generating agencies received N8.036 billion as cost of revenue collection.

The communiqué confirmed that for the month of December 2019, there were significant increases in revenues from Companies Income Tax (CIT), Value Added Tax (VAT), Oil and Gas Royalties, and Petroleum Profit Tax (PPT), while import duty increased marginally.

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