The Federation Account Allocation Committee (FAAC) has shared a total of N812.762 billionNovember 2018 revenues to the Federal Government, the 36 States and the Local Government Councils in the country.
According to a release by Ministry of Finanace and signed by Hassan Dodo, the Director of Information, the total of N812.762 billion was made up of distributable statutory revenue of N649.629 billion, revenue from Value Added Tax (VAT) of N92.079 billion, Exchange Gain of N1.055 billion and Forex equalization revenue of N70.000 billion.
A communique issued by the Federal Account Allocation Committee (FAAC) at the end of its meeting in Abuja on Wednesday indicated that from the total amount distributed, the Federal Government received N326.754 billion; the States received N203.206 billion; the Local Government Councils received N153.528 billion. A total of N57.087 billion was given to the oil producing States and 13% derivation revenue, while N72.187 billion went to the relevant agencies as cost of revenue collection.
The communique confirmed that the gross statutory distributable revenue of N649.629 billion received for the month was lower than the N682.161 billion received in the previous month by N32.533 billion. From the statutory revenue of N649.629, the Federal Government received N280.913 billion, the State Governments received N142.483 billion, the Local Government Councils received N109.848 billion, the Oil Producing States received N47.882 billion as 13% derivation revenue and the relevant agencies received N68.503 as cost of collection.
According to the communique, in the month under review, the revenue from the Companies Income Tax (CIT) increased significantly, while revenues from Foreign Oil and Gas, Domestic Oil and Gas, Royalties, Petroleum Profit Tax (PPT), Import and Excise Duties and Value Added Tax decreased.
By: Bruno Uche
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