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Uche Usim, Abuja
The Federal Government, 36 States and the Federal Capital Territory and 774 Local Government Areas shared N635.826 billion in December from revenue generated in November.
This was announced at the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja on Thursday, chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr Mahmoud Isa-Dutse.
According to him, the N635.826 billion was the total of revenues from the Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Forex Equalisation.
This was even as he gave the balance in the Excess Crude Account as $324.539 million.
However, out of a total of N635.826 billion it received, the Federal Government received N267.883 billion, while States received N172.569 billion, leaving the Local Government Councils with N129.972 billion.
On the other hand, Oil Producing States received N49.124 billion as 13 per cent derivation revenue with Revenue Generating Agencies receiving N16.277 billion as cost of collection.
A breakdown of the distribution showed that from the gross statutory revenue of N491.875 billion, the Federal Government received N230.243 billion, the States got N116.782 billion, Local Government Councils received N90.034 billion, with Oil Producing States taking N42.144 billion as 13per cent derivation revenue while Revenue Collecting Agencies received N12.671 billion as cost of collection.
Meanwhile the government got a total of N90.166 as Value Added Tax (VAT), where the Federal Government received N12.984 billion, the States N43.280 billion, Local Government Councils received N30.296 billion with Revenue Collecting Agencies received N3.606 billion.
From the forex equalisation revenue of N53 billion, the Federal Government got N24.290 billion, States received N12.321 billion, the Local Government Councils received N9.499 billion and the oil producing states received N6.890 billion as 13per cent derivation revenue.
Moreover, the gross statutory revenue for the month of November 2019 was N491.875billion. It was lower than the N596.041 billion received in the previous month by N104.166 billion. Revenue from the Value Added Tax (VAT) was N 90.166 billion as against N 104.910 billion distributed in the preceding month, resulting in a decrease of N14.744 billion. Exchange Gain revenue was N0.785 billion and the Forex Equalisation yielded N53 billion.
Revenues from Companies Income Tax(CIT), Value Added Tax (VAT), import duty, Royalties, Petroleum Profit Tax (PPT) all decreased significantly, while Excise Duty increased marginally.
