BEVERLY HILLS, February 20 (THEWILL) – The Federal Government, States and Local Government Councils have shared a total of N647.353 billion from the Federation Account Revenue for January 2020.
This was disclosed in a statement on Wednesday by the Deputy Director, Press and Public Relations, Henshaw Ogubike.
According to Mrs Ogubike, the Federation Account Allocation Committee (FAAC), in a meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse disbursed the funds to the three tiers of government.
FAAC confirmed that for the month of January 2020, there was a significant increase in Import Duty revenue while Companies Income Tax(CIT), Value Added Tax (VAT), Oil and Gas Royalties and Petroleum Profit Tax (PPT) recorded decreases.
It stated that from the total revenue of N647.353 billion, the Federal Government received N267.389 billion, the State Governments received N176.923 billion, and the Local Government Councils received N132.944 billion.
The statement read in part that the “N647.353 billion comprised Statutory Revenue, Value Added Tax (VAT), Exchange Gain, Non-Oil Revenue and Excess Bank Charges recovered.”
It added that the balance in the Excess Crude Account (ECA) as at February 19, 2020, was $71.814 million.
Oil Producing States received N46.197 billion as 13% derivation revenue and the Revenue Generating Agencies received N23.900 billion as cost of revenue collection.
The statement gave a breakdown of the distribution from the gross statutory revenue of N525.253 billion; the Federal Government received N243.704 billion, the State Governments received N123.610 billion and the Local Government Councils received N95.298 billion.
Also, the Oil Producing States received N46.074 billion as 13% derivation revenue and the Revenue Collecting Agencies received N16.567 billion as cost of collection.
“From the Value Added Tax (VAT) revenue of N104.758, the Federal Government received N14.614 billion, the State Governments received N48.713 billion, the Local Government Councils received N34.099 billion and the Revenue Generating Agencies received N7.333 billion as cost of revenue collection.”
Meanwhile, from the Exchange Gain revenue of N1.044 billion, “the Federal Government received N0.485 billion, the State Governments received N0.246 billion, and the Local Government Councils got N 0.190 billion and the oil-producing States got N0.123 billion as 13% derivation revenue.”
Non-Oil revenue of N16.298 billion, the Federal Government got N8.586 billion, the State Governments got N4.355 billion, the Local Government Councils got N3.357 billion.
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