Uche Usim, Abuja
The Federal, States and 774 Local Governments in the country shared a total of N647.353 billion as January subvention of the Federation Accounts Allocation Committee (FAAC) according to information emerging from the committee’s meeting held in Lagos yesterday.
The meeting, Chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alhaji Mahmoud Isa-Dutse, formed part of the highlights of the 2020 FAAC Retreat.
The N647.353 billion comprised Statutory Revenue, Value Added Tax (VAT), Exchange Gain, Non-Oil Revenue and recovered Excess Bank Charges. It was announced that as at February 19, 2020, the balance in the Excess Crude Account (ECA)crashed to $ 71.814 million.
The gross statutory revenue for the month of January 2020 was N525.253 billion. This was lower than the N600.314 billion received in the previous month by N75.061 billion.
In January 2020, the gross revenue available from the Value Added Tax (VAT) was N104.758 billion as against N114.805 billion in the previous month, resulting in a decrease of N10.047 billion.
Exchange gain yielded a revenue of N1.044 billion, while the Non-Oil revenue was N16.298 billion.
A communique issued by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of N647.353 billion, the Federal Government received N267.389 billion, the State Governments received N176.923 billion, and the Local Government Councils received N132.944 billion. The Oil Producing States received N46.197 billion as 13 per cent derivation revenue and the Revenue Generating Agencies received N23.900 billion as cost of revenue collection.
A breakdown of the distribution showed that from the gross statutory revenue of N525.253 billion, the Federal Government received N243.704 billion, State Governments received N123.610 billion while the Local Government Councils received N95.298 billion. Also, the Oil Producing States received N46.074 billion as 13 per cent derivation revenue and the Revenue Collecting Agencies received N16.567 billion as cost of collection.
From the Value Added Tax (VAT) revenue of N104.758, the Federal Government received N14.614 billion, the State Governments received N48.713 billion, the Local Government Councils received N34.099 billion and the Revenue Generating Agencies received N7.333 billion as cost of revenue collection.
From the Exchange gain revenue of N1.044 billion, the Federal Government got N0.485 billion, the State Governments received N0.246 billion, the Local Government Councils took N 0.190 billion while the oil producing States got N0.123 billion as 13 per cent derivation revenue.
From the non-oil revenue of N16.298 billion, the Federal Government got N8.586 billion, the State Governments got N4.355 billion, the Local Government Councils got N3.357 billion.
The communique confirmed that for the month of January 2020, there was a significant increase in Import Duty revenue while Companies Income Tax(CIT), Value Added Tax (VAT), Oil and Gas Royalties and Petroleum Profit Tax (PPT) recorded decreases.