FG, States, LGs Share N649bn for December

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By Ndubuisi Francis in Abuja

A total of N649.198 billion was Friday distributed as federal allocation between the federal government, states and local government councils for the month of December, 2018

A communiqué issued after a meeting of   the Federation Account Allocation Committee (FAAC) showed that the Gross statutory revenue received stood at N547.462 billion which is less than the N649.629 billion haul in the previous month by N102.167 billion.

According to the communique, Federation Crude oil export sales dropped by 1.7 million barrels resulting to a drop in Federation Revenue by $83.54 million in spite of a significant increase in price from $72.84 to $81.06 per barrel.

The communique noted that there was shut-in, shut -down and closure of production at various terminals due to fire leakages and flooding.

Revenues from Value Added Tax (VAT), Import and Excise Duties and Royalities increased marginally while Companies Income Tax (CIT) and , Petroleum Profits Tax (PPT) decreased significantly.

The total revenue distributable for the current month (including VAT and Exchange Gain Difference) is N649.198 billion.

From the Net Statutory Revenue, the federal government received N255.202 billion representing 52.68%; States received N129.442 billion representing 26.72 per cent; local governments  received N99.794 billion representing 20.60 per cent, and oil producing states — N45.524 billion ad 13 pet cent derivation revenue.

The cost of collection, transfer and FIRS refund amounted to N 21.530 billion.

Value Added Tax (VAT) revenue was distributed with the  federal government receiving N14.510 billion  (15 per cent ); states received N48.365 billion or 50 per cent while the local governments received N33.856 billion (35 per cent).

The communique put the current balance in the Excess Crude Account (ECA) at $0.631
Billion.