… Excess crude yields $325m
ABOUT N635.826 billion from the federation account was shared among the Federal Government and the 36 States as well as the Federal Capital Territory and the 774 Local Government Areas in December.
The amount was generated in November from the Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Forex Equalisation.
This is coming at same time when the balance in Excess Crude Account is $324.539 million.
Permanent Secretary of Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse disclosed this yesterday after the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja.
According to him, from the net total revenue Federal Government received N267.883 billion and the states received N172.569 billion while local government areas (LGAs) shared N129.972 billion.
Further breakdown of the revenues allocation shows that Oil Producing States received N49.124 billion in line with the 13 per cent derivation formula revenue with the Revenue Generating Agencies receiving N16.277 billion as overhead cost of their operations.
The distribution plan indicates that from gross statutory revenue of N491.875 billion, Federal Government got N230.243 billion and the 36 States sharing N116.782 billion while LGAs received N90.034 billion.
Oil Producing States received N42.144 billion as 13 per cent derivation revenue and the Revenue Collecting Agencies received N12.671 billion to cover their expenses.
Similarly, Federal Government received N12.984 billion from the total VAT revenue of N90.166 billion while states shared N43.280 billion and LGAs receiving N30.296 billion.
Under this head, the revenue collecting agencies received N3.606 billion.
Revenues from Companies Income Tax (CIT), VAT, import duty, Royalties, Petroleum Profit Tax (PPT) all decreased significantly, while Excise Duty increased marginally.
The gross statutory revenue for the month of November 2019 was N491.875billion. It was lower than the N596.041 billion received in the previous month by N104.166 billion. Revenue from the Value Added Tax (VAT) was N 90.166 billion as against N 104.910 billion distributed in the preceding month, resulting in a decrease of N14.744 billion. Exchange Gain revenue.
From foreign exchange equalisation revenue of N53 billion, Federal Government received N24.290 billion with the 36 States receiving N12.321 billion while LGAs shared N9.499 billion.
Oil producing states received N6.890 billion as 13 per cent derivation revenue.