A total of N716.298 billion was shared among Federal, State and local governments by Federation Accounts Allocation Committee (FAAC) for the December 2019.
Of the total revenue, the Federal Government received N287.929 billion, state governments got N191.302 billion, while N143.698 billion was accrued to local government councils.
Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alhaji Mahmoud Isa-Dutse announced at the FAAC meeting on Thursday that the N716.298 billion comprised revenue from Value Added Tax (VAT), Exchange Gain and the Statutory Revenue.
Oil producing states received N50.279 billion as 13% derivation revenue and revenue generating agencies received N43.089 billion as cost of revenue collection.
From the Value Added Tax (VAT) revenue of N114.806, the Federal Government received N16.015 billion, state governments received N53.386 billion, local government councils received N37.369 billion and revenue generating agencies received N8.036 billion as cost of revenue collection.
The communiqué confirmed that for the month of December 2019, there were significant increases in revenues from Companies Income Tax (CIT), Value Added Tax (VAT), Oil and Gas Royalties, and Petroleum Profit Tax (PPT), while import duty increased marginally.
As at 15th January, 2020, the balance in the Excess Crude Account (ECA) was $324.968 million.
Gross statutory revenue for the month of December 2019 was N600.314 billion.
This was higher than the N491.875 billion received in the previous month by N108.439 billion.
Gross revenue available from the Value Added Tax (VAT) was N 114.805 billion as against N90.166 billion distributed in the previous month, resulting in an increase of N24.639 billion. Exchange Gain yielded a total revenue of N1.179 billion.
