FG, states, LGs get more money for Dec as FAAC share N132bn more than previous month

Friday, 17 January 2020 06:15

FG, states, LGs get more money for Dec as FAAC share N132bn more than previous month

font size decrease font size increase font size
Print
Email

Rate this item

(0 votes)

Federal government, the 36 state governments and the 774 local councils, on Thursday, shared about N717 billion as allocation for December 2019.

The allocation was announced at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja.

Details of the allocation as announced by Accountant General of the Federation, Mr Ahmed Idris, showed that as at January 15, 2020, the balance in the Excess Crude Account (ECA) was about $325 million.

The meeting was chaired by Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mr Mahmoud Isa-Dutse.

The N717 billion comprised revenue from Value Added Tax (VAT), Exchange Gain and the Statutory Revenue.

The gross statutory revenue for December 2019 was about N601 billion.

This was higher than the N492 billion received in the previous month by N108 billion.

The gross revenue available from the Value Added Tax (VAT) was N114.8 billion as against N90.2 billion distributed in the previous month, an increase of N24.6 billion,

Sharing pattern

The communique by the committee showed that out of the total revenue, the federal government received N287.9 billion, the state governments got N191.3 billion, and the local government councils N143.7 billion.

The nine oil-producing states received N50.3 billion as 13 per cent derivation revenue and the revenue-generating agencies received N43.1 billion as cost of revenue collection.

A breakdown of the revenue distribution showed that from the gross statutory revenue of N600.3 billion, the federal government received N271.4 billion, the states N137.6 billion, while the local government councils got N106 billion.

Oil-producing states got about N50 billion as 13 per cent derivation revenue and the revenue collecting agencies received about N35 billion as cost of collection.

From Value Added Tax (VAT) revenue of N114.8, federal government received N16 billion, state governments received N53.4 billion, local government councils received N37.4 billion and the revenue generating agencies received about N8 billion as cost of revenue collection.

The communique showed federal government recorded 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.