FG, States and LGAs share N716.298bn for December 2019.

The Federation Accounts Allocation Committee (FAAC), at its meeting in Abuja, chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse, shared to the Federal Government, States and Local Government Councils a sum total of N716.298 billion as federal allocation for the month of December, 2019.

From this amount, inclusive of VAT and Exchange Gain, the Federal Government received N287.929 billon, representing 52.68%, the States received N192.302 billion representing 26.72% and Local Government Councils got N143.698 billion, representing 20.60%, while the oil producing states received N50.279 billion as 13 per cent derivation revenue.

However, cost of collection/Transfers/ FIRS, Refunds Allocation to NEDC was N43.089 billion.

In a communiqué issued by the Federation Accounts Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for December 2019 was N114.805 billion as against the N90.166 billion distributed in the previous month of November 2019, resulting in an increase of N24.639 billion.

The distributed Statutory Revenue of N600.314 billion according to the communiqué received for the month of December was higher than the N491.875 billion received in the previous month by N108.439 billion.

The communiqué further disclosed that, there was increases in revenues from Value Added Tax (VAT), Companies Income Tax (CIT), Oil and Gas royalties and Petroleum Profit Tax (PPT), while Import duty increased only marginally.

The total revenue distributable for the current month (including VAT and Exchange Gain) according to the committee is N716.298 billion, adding that as at January 16th, 2020, the Excess Crude Account (ECA) is $324.968 million.