FG, States, LG’s Received N716.2bn In December 2019

The Federation Accounts Allocation Committee (FAAC) has shared a sum total of N716.298 billion to the Federal Government, States and Local Government Councils for December 2019.

The Deputy Director, Press and Public Relations, Henshaw Ogubike, in a statement  said the total sum comprised revenue from Value Added Tax (VAT), Exchange Gain and the Statutory Revenue.

Henshaw stated that from the total revenue, the Federal Government received N287.929 billion, the State Governments received N191.302 billion, and the Local Government Councils received N143.698 billion.

Oil Producing States received N50.279 billion as 13 percent derivation revenue and the Revenue Generating Agencies received N43.089 billion as the cost of revenue collection.

The statement reads, “A breakdown of the distribution showed that from the gross statutory revenue of N600.314 billion, the Federal Government received N271.361 billion, the State Governments received N137.638 billion, the Local Government Councils received N106.113 billion, the Oil Producing States received N50.149 billion as 13% 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, the State Governments received N53.386 billion, the Local Government Councils received N37.369 billion and the Revenue Generating Agencies received N8.036 billion as cost of revenue collection.”

It added that in 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.

Meanwhile, as of January 15, 2020, the balance in the Excess Crude Account (ECA) was $324.968 million.