FINANCE

FAAC SHARES N716.298 BILLION AMONG TIERS OF GOVERNMENT_Ada Nkong

The Federation Accounts Allocation Committee (FAAC) shared a total of N716.298 billion to the three tiers of government for the month of December 2019.
The Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alhaji Mahmoud Isa-Dutse disclosed this at the FAAC meeting Thursday in Abuja.
The N716.298 billion comprises revenue from Value Added Tax (VAT), Exchange Gain and the Statutory Revenue. The FAAC announced that as at 15th January, 2020, the balance in the Excess Crude Account (ECA) was $324.968 million.
The gross statutory revenue for the month of December 2019 stood at N600.314 billion.This is 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.
A communique issued by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of N716.298 billion, the Federal Government received N287.929 billion, the State Governments received N191.302 billion, and the Local Government Councils received N143.698 billion. The Oil Producing States received N50.279 billion as 13% derivation revenue and the Revenue Generating Agencies received N43.089 billion as cost of revenue collection.
A breakdown of the distribution shows 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.
According to the communique,for the month of December 2019, there was significant increase in revenue 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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