The federal government, the 36 state governments and the 774
local councils, on Thursday, shared about N716 billion as
allocation for December 2019.
The allocation was announced at the end of the Federation
Accounts Allocation Committee (FAAC) meeting in Abuja.
Details of the allocation as announced by the Accountant General
of the Federation, Ahmed Idris, showed that as at January 15, 2020,
the balance in the Excess Crude Account (ECA) was about $325
million.
The meeting was chaired by the Permanent Secretary, Federal
Ministry of Finance, Budget and National Planning, Mahmoud
Isa-Dutse.
The N717 billion comprised revenue from Value Added Tax (VAT),
Exchange Gain and the Statutory Revenue.
The gross statutory revenue for December 2019 was about N601
billion.
This was higher than the N492 billion received in the previous
month by N108 billion.
The gross revenue available from the Value Added Tax (VAT) was
N114.8 billion as against N90.2 billion distributed in the previous
month, an increase of N24.6 billion,
Sharing pattern
The communique by the committee showed that out of the total
revenue, the federal government received N287.9 billion, the state
governments got N191.3 billion, and the local government councils
N143.7 billion.
The nine oil-producing states received N50.3 billion as 13 per
cent derivation revenue and the revenue-generating agencies
received N43.1 billion as cost of revenue collection.
A breakdown of the revenue distribution showed that from the
gross statutory revenue of N600.3 billion, the federal government
received N271.4 billion, the states N137.6 billion, while the local
government councils got N106 billion.
The oil-producing states got about N50 billion as 13 per cent
derivation revenue and the revenue collecting agencies received
about N35 billion as cost of collection.
From the Value Added Tax (VAT) revenue of N114.8, the federal
government received N16 billion, the state governments received
N53.4 billion, the local government councils received N37.4 billion
and the revenue generating agencies received about N8 billion as
cost of revenue collection.
The communique showed the federal government recorded
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.
Small Manhood And Premature Ejaculation Made
Me Stay Away from Love Making For 4yrs…But These Simple Solutions
WORKED! Also, Your Enlarged Prostate Can Be Reversed Now! Click
Here To See My Breakthrough![1]
The Principles of Nigerian
Environmental Law — Order Your Copy
Now!!! 
The Principles of Nigerian
Environmental Law is a complete, comparative and international
handbook on the fundamental principles governing the protection,
conservation and sustainable utilization of the environment in
Nigeria….Click to read
more Written
By Professor Damilola S. Olawuyi, LL.B
(1st Class), BL (1st Class), LL.M (Calgary),
LL.M (Harvard), DPhil (Oxford) Professor of Law and
Director, OGEES Institute, Afe Babalola University, Ado Ekiti.
For more information or to order your copies,
please contact Mr. Keji Kolawole: [email protected][4] ,
Tel: +234 81 40000 988[2][3]
Subscribe ToNairalaw News!
References
- ^
Small
Manhood And Premature Ejaculation Made Me Stay Away from Love
Making For 4yrs…But These Simple Solutions WORKED! Also, Your
Enlarged Prostate Can Be Reversed Now! Click Here To See My
Breakthrough! (foreverliving.com.ng) - ^
The Principles of Nigerian
Environmental Law — Order Your Copy Now!!!
(nairalaw.com) - ^
Click to read & comment now
(nairalaw.com) - ^
[email protected]
(nairalaw.com)
Read more faac-shares-n716-298bn-for-december-2019-to-fg-states-lgs/