FAAC: Revenue Allocation Drops, See How Much Was Shared For The Month

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The Federal, States and Local Governments have shared, in January, N649.19 billion as revenue from the month of December 2018.

The Accountant-General of the Federation, Mr Ahmed Idris, who disclosed this on Friday in Abuja, said the figure showed a decline of N163.57 billion, compared to the N812. 76 billion that was shared in November 2018.

Idris said this while addressing newsmen on the outcome of the Federal Account Allocation Committee (FAAC) meeting.

Giving a breakdown of December revenue, Idris said that the Mineral revenue reduced from N421.8 billion in November to N354.22 billion.

Also, the Non-Mineral Revenue decreased from N227.7 billion in November to N193.24 billion.

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Idris, however, said that the Value Added Tax (VAT) collected for the month increased from N88.39 billion to N96.73 billion in December.

“The gross statutory revenue of N547.46 billion received for the month was lower than the N649.62 billion received in the previous month by N102.16 billion.

“Federation Crude Oil export sales dropped by N1.7 million barrels, resulting to a drop in Federation revenue by 83.54 million, regardless of a significant increase in price from 72.84 dollars to 81.06 dollars per barrel.

“There was shutdown, shut in and closure of production at various terminals due to fire, leakage and flooding.

“Revenues from VAT, import and excise duties and royalties increased marginally while Companies Income Tax and Petroleum Profit Tax decreased significantly,” he said.

Idris said that the Federal Government received N255.2 billion; States N129.44 billion and N99.7 billion was received by the local governments.

According to him, N45.52 billion, representing 13 per cent of the mineral revenue, was shared to oil producing states.

He, however, said that the Excess Crude Account, which is owned by all tiers of government, was 631 million dollars.

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