BY ONYEKA AJUMOBI ONOCHIE
The Federal Government, states and local government councils have shared a total of N647.353 billion for the month of January, 2020, says the Federation Accounts Allocation Committee (FAAC).
The committee revealed this, Wednesday, in Lagos, at its meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse.
The permanent secretary who briefed the press after the FAAC meeting said that from this amount, inclusive of gross statutory revenue, Value Added Tax (VAT), exchange gain difference, and distribution from non-mineral revenue, the Federal Government received N267.389 billion, while the states received N176.923 billion, even as local government councils received N132.944 billion.
The oil producing states received N46 billion as derivation (13% Mineral Revenue), just as refund for the cost of collection to the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS) and allocation to NEDC was N23.900 billion.
Specifically, a communique issued by the Federation Accounts Allocation Committee (FAAC) indicated that the gross revenue available from the Value Added Tax (VAT) for January 2020 was N97.425 billion as against the N106.769 billion distributed in the preceding month of December 2019, resulting in a decrease of N9.344 billion. From the above, the Federal Government got N14.614 billion, while the states received N48.6174 billion, even as the local government councils got N34.009 billion.
According to the communiqué, the distributed statutory revenue of N508.686 billion received for the month was lower than the N565.261 billion available in the previous month by N56.575 billion, which was also distributed as follows: Federal Government – N243.704 billion, states – N123.610, local government councils – N95.298 billion, while oil producing states received N46.074 billon as derivation revenue.
The communiqué noted that the total revenue distributable for the current month (including cost of collection to NCS, DPR and FIRS) was.353 billion, adding that as at February 19th, 2020, the Excess Crude Account (ECA) stood at $71.814million.