FAAC Shares N812bn to Tiers of Govt in December 2018
The communiqué issued by the Technical Sub -Committee of the Federation Accounts Allocation Committee (FAAC) at the end of its December meeting, indicated that the Gross statutory revenue received was N649.629 billion. This sum is lower than the N682.161 billion received in the previous month by N32.533 billion.
Breakdown of the total distributable revenue of N812.762 billion, comprised the Statutory Revenue of N649.629billion, Gross Value Added Tax of N92.079billion, Forex Equalisation of N70.000 billion and An Exchange Gain of N1.055 billion.
Therefore, from the Gross statutory revenue, Federal Government received N280.913 billion representing 52.68%; States received N142.483 billion representing 26.72%; Local Government Councils received N109.848 billion representing 20.60%; while the Oil Producing States received N47.882 billion also representing 13% derivation revenue.
Furthermore, the breakdown of distribution to the 3 tiers from Value Added Tax (VAT), include: Federal Government received N13.259 billion representing 15%; States received N44.198 billion representing 50% while the Local Government Councils received N30.938 billion, also representing 35%.
Meanwhile, the Communique added that the revenue from the Company Income Tax(CIT) increased significantly while revenues from Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT) and Foreign Oil and Gas, Domestic Oil and Gas Royalties all decreased.
The balance on Excess Crude Account as at 19th December , 2018 is $631 million.
Oise D. Johnson
Head Press & Public Relations, OAGF.