FG, states, LGs share N716.298bn for December

TRACKING >The three tiers of governments- federal, states and 774 local Councils shared N716.298 billion as December revenue from federation purse.

The amount was approved for sharing yesterday by Federation Account Allocation Committee ( FAAC) at its meeting in Abuja 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 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 N 114.805 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.

The breakdown indicated that from the total revenue of N716.298 billion, the Federal Government received N287.929 billion, states received N191.302 billion, and Local Governments received N143.698 billion. The Oil Producing states received N50.279 billion as 13per cent derivation revenue and the Revenue Generating Agencies received N43.089 billion as cost of revenue 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 received N137.638 billion, Local Governments received N106.113 billion and the Oil Producing States received N50.149 billion as 13 per cent derivation revenue and the Revenue Collecting Agencies received N35.053 billion as cost of collection.

From the Value Added Tax (VAT) revenue of N114.806, the Federal Government received N16.015 billion, states received N53.386 billion, Local Governments received N37.369 billion and the Revenue Generating Agencies received N8.036 billion as cost of revenue collection.

Balance in the Excess Crude Account ( ECA) as of January 15, 2020 stood at $324.968 million.