ABUJA – (Office of the Accountant – General of the Federation Report) – A 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 in Nigeria.
The communiqué issued by the Technical Sub -Committee of the Federation Accounts Allocation Committee (FAAC) at the end of its February meeting indicates that the Gross Statutory Revenue received was N505.246 billion which is lower than the N547.462 billion received in the previous month by N42.216 billion.
According to the communique, the 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. It implied that from the Gross Statutory Revenue, the Federal Government received N237.063 billion representing 52.68% and the States received N120.241 billion which represents 26.72%; whilst the Local Government Councils received N92.701 billion being 20.60%. It added that the Oil Producing States received N41.919 billion which is the 13% derivation revenue.
“The breakdown of distribution to the 3 tiers from the Value – Added Tax (VAT) include: N15.044 billion representing 15% allocated to the Federal Government; N50.145 billion representing 50% received by the States. The Local Government Councils received N35.102 billion which represents 35% of the revenue. There was also N17.500 billion paid as the cost of collection to the revenue generating agencies such as the Nigerian Customs Service (NCS), Federal Inland Revenue Service (FIRS) and the Directorate for Petroleum Resources (DPR),” the report explained.
“The revenue from the Company Income Tax (CIT) decreased significantly, while the revenue 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 FAAC report informed that the balance on Excess Crude Account as at 26th January 2019 was $249 million and there was the decision to withdraw N50 billion from the FX Equalisation account to argument the shortfall in revenue.
