FAAC allocation: FG, States, LGs Shares N660bn

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FAAC allocation: FG, States, LGs Shares N660bnA total sum of N660.368 billion has been distributed as Federal Allocation for the month of January 2019 between the Federal, States and Local Government Councils.

The communiqué issued by the Technical Sub -Committee of the Federation Accounts Allocation Committee (FAAC) at the end of its February meeting, indicated that the Gross statutory revenue received was N505.246 billion. This sum is lower than the N547.462 billion received in the previous month by N42.216 billion.

Breakdown of the total distributable revenue of N660.368 billion, comprised the Statutory Revenue of N505.246 billion, Gross Value Added Tax of N104.468 billion and an Exchange Gain of N0.654 billion. There was a decision to withdraw N50 billion from the FX Equalisation account to argument the shortfall in revenue.

Therefore, from the Gross statutory revenue, Federal Government received N237.063 billion representing 52.68%; States received N120.241 billion representing 26.72%; Local Government Councils received N92.701 billion representing 20.60%; while the Oil Producing States received N41.919 billion also representing 13% derivation revenue.

Furthermore, the breakdown of distribution to the 3 tiers from Value Added Tax (VAT), include: Federal Government received N15.044 billion representing 15%; States received N50.145 billion representing 50% while the Local Government Councils received N35.102 billion, also representing 35%.

There was also 17.500 billion paid as cost of collection to revenue generating agencies, such as the Nigerian Custom Service(NCS), Federal Inland Revenue Service (FIRS), Directorate for Petroleum Resources (DPR).

Meanwhile, the Communique indicated that the revenue from the Company Income Tax(CIT) decreased significantly while revenues from Value Added Tax (VAT),increased marginally. Also, revenues from Import and Excise Duties increased significantly while that of Petroleum Profit Tax (PPT) decreased significantly.

The balance on Excess Crude Account as at 26th January , 2019 is $249 million.

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