FG , States, LGAs share N649.198bn in December 2018

The three tiers of government comprising federal, states and the 774 Local Government Councils shared a total of N649.198 billion as revenue that accrued to the Federation Account for December 2018.

The amount is made up of revenues from Value Added Tax (VAT), Import and Excise Duties and royalties ,Companies Income Tax (CIT) and Petroleum Profits Tax (PPT).

The amount was approved on Friday by Federation Account Allocation Committee ( FAAC) during its first meeting in 2019 in Abuja.

Accountant General of Federation, Alhaji Ahmed Idris who presided over FAAC meeting which had in attendance, state finance commissioners, representatives of Nigeria National Petroleum Corporation ( NNPC) , Revenue Mobilisation Allocation and Fiscal Commission and other stakeholders confirmed the figure.

The sum shared comprised  gross statutory revenue of  N547.462 billion  an amount lower than the N649.629 billion received in the previous month by N102.167 billion.

Addressing journalists at the end of the meeting, the  AGF said federation crude oil export sales dropped by 1.7 mllion barrels resulting to a drop in federation revenue by $83.54 million .

According to him, there was Shut-in, shut -down and closure of production at various terminals due to fire leakages and flooding.

Of the statutory amount shared, federal government received N255.202 billion representing 52.68%; States received N129.442 billion representing 26.72%; Local Government Councils received N99.794 billion representing 20.60%; while the Oil Producing States received N45.524 billion also representing 13% derivation revenue.

The Cost of Collection, Transfer and FIRS Refund comes up to N 21.530 billion.

For Value Added Tax component, (VAT), federal government received N14.510 billion representing 15%; States received N48.365 billion representing 50% while the local government Councils received N33.856 billion also representing 35%. The balance on Excess Crude Account is $0.631 billion.