FAAC Reflates Economy With N716.298bn
AMINA HUSSAINI, Abuja.
The Federal Account Allocation Committee (FAAC), Thursday injected into the economy, N716.298 billion shared among the three tiers of government being the allocation for the month of December 2019.
The amount comprises accruals from Value Added Tax (VAT), Exchange Gain and the Statutory Revenue. FAAC also stated that the balance in the Excess Crude Account (ECA) was $324.968 million.
A communique issued by (FAAC) at the end of the maiden meeting for the year indicated that from the total revenue of N716.298 billion, the federal government received N287.929 billion, the state governments received N191.302 billion, and the Local Government Councils received N143.698 billion.
The Oil Producing States received N50.279 billion representing 13 per cent derivation while the revenue agencies received N43.089 billion as cost of collection.
From the Value Added Tax (VAT) revenue of N114.806, the Federal Government received N16.015 billion, the State Governments received N53.386 billion, the Local Government Councils received N37.369 billion and the Revenue Generating Agencies received N8.036 billion as cost of revenue collection.
The gross statutory revenue for the month of December 2019 was N600.314 billion. It was higher than the N491.875 billion received in the previous month by N108.439 billion. The gross revenue available from the Value Added Tax (VAT) was N 114.805 billion as against N90.166 billion distributed in the previous month, resulting in an increase of N24.639 billion. Exchange Gain yielded a total revenue of N1.179 billion.
Details of the distribution showed that from the gross statutory revenue of N600.314 billion, the Federal Government received N271.361 billion, the State Governments received N137.638 billion, the Local Government Councils received N106.113 billion, the Oil Producing States received N50.149 billion as 13% derivation revenue and the Revenue Collecting Agencies received N35.053 billion as cost of collection.
The communique confirmed that for the month of December 2019, there were significant increases in revenues from Companies Income Tax(CIT), Value Added Tax (VAT) Oil and Gas Royalties and Petroleum Profit Tax (PPT), while import duty increased marginally.
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