BY COBHAM NSA, ABUJA – A Yuletide bonus came the way of all three tiers of government as the Federation Accounts Allocation Committee (FAAC) shared a total of N716.298 billion for the month of December 2019.
The N716.298 billion, consisting of revenue from Value Added Tax (VAT); Exchange Gain; and the Statutory Revenue, represented about N133.078 billion increase over the November 2019 figure.
The FAAC meeting, chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alhaji Mahmoud Isa-Dutse, also hinted that as at January 15, 2020, the balance in the Excess Crude Account (ECA) stood at $324.968 million.
It was all smiles as Alhaji Isa-Dutse announced at the FAAC meeting on Thursday that gross statutory revenue for December 2019 was N600.314 billion, noting that It was about N108.439 billion higher than the N491.875 billion received in the previous month of November 2019.
Likewise, the gross revenue available from Value Added Tax (VAT) was N114.805 billion compared to N90.166 billion distributed in the previous month. This figure represents an increase of N24.639 billion just as the Exchange Gain yielded a total revenue of N1.179 billion during the month under consideration.
The FAAC communique also showed that from the total revenue of N716.298 billion, the Federal Government’s share was N287.929 billion, the State Governments got N191.302 billion, with the Local Government Councils receiving N143.698 billion.
On their part. the Oil Producing States received N50.279 billion as 13 per cent derivation revenue and the Revenue Generating Agencies received N43.089 billion as cost of revenue collection.
Deputy Director, Press and Public Relations in OAGF, Henshaw Ogubike, said in a statement that distribution of the gross statutory revenue totalling N600.314 billion saw the Federal Government receiving N271.361 billion, the State Governments got N137.638 billion, while the Local Government Councils received N106.113 billion.
For the Oil Producing States, they went home with N50.149 billion as 13 per cent derivation revenue with the Revenue Collecting Agencies having in their coffers 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 got N53.386 billion, the Local Government Councils carted home N37.369 billion while the Revenue Generating Agencies got N8.036 billion as cost of revenue collection.
Furthermore, the FAAC communique confirmed that IG was all good news in the month of December 2019, with significant increases in revenues netted from Companies Income Tax (CIT), Value Added Tax (VAT) Oil and Gas Royalties and Petroleum Profit Tax (PPT), while import duty increased marginally.