Posted by Admin:
As part of concluding Federal Accounts Allocation Committee (FAAC) meeting for the year 2018, a total of N812.762 billion was shared among the federal, states and local government areas for the month of November in the country.
According to a statement by Mr. Oise D. Johnson, the head, Press & Public Relations, Office of the Accountant-General of the Federation (OAGF), the Technical Sub-Committee of the Federation Accounts Allocation Committee (FAAC) at the end of its December meeting, approved that the gross statutory revenue received for the month was N649.629 billion, adding that this sum is lower than the N682.161 billion received in the previous month by N32.533 billion.
He gave the breakdown of the total distributable revenue as comprising the Statutory Revenue of N649.629 billion, Gross Value Added Tax of N92.079 billion, Forex Equalisation of N70 billion and An Exchange Gain of N1.055 billion.
Accordingly, from the gross statutory revenue, Federal Government received N280.913 billion representing 52.68 per cent; states received N142.483 billion representing 26.72 per cent; Local government areas received N109.848 billion representing 20.60 per cent while the oil producing states received N47.882 billion also representing 13 per cent derivation revenue.
On the Value Added Tax(VAT), he gave the breakdown of distribution to the three tiers as: Federal Government N13.259 billion representing 15 per cent; states, N44.198 billion representing 50 per cent while the Local government areas, N30.938 billion, also representing 35 per cent.
The statement showed that where as the revenue from the Company Income Tax (CIT) increased significantly those of the Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT) and Foreign Oil and Gas, Domestic Oil and Gas Royalties decreased.