FG, States, LGs Share N649.2bn For Dec

The three tiers of the Nigerian government, consisting of Federal, States and Local Councils, on Friday shared about N649.198 billion as statutory allocations from Federation Account for December 2018.

The allocation includes distributable statutory allocation revenue of N547.5 billion; value-added tax (VAT) earning of N100.8 billion, and over N900 million exchange gain for the month.

The statutory allocation revenue consists earnings from oil mineral exports of about N354.2 billion and about N193.2 billion from non-oil mineral revenue.

The solid mineral sector of the Nigerian economy did not make any contribution to the account for the month.

The Accountant General of the Federation, Ahmed Idris, said in Abuja at the end of the Federation Account Allocation Committee (FAAC) meeting the gross statutory revenue realised for the month was lower than the N649.6 billion received in November 2018 by about N102.2 billion.

He said this while presenting a communique issued by the Technical sub-Committee of the FAAC.

He said crude oil export sales dropped by 1.7 million barrels, resulting in a drop in federation revenue by $83.5 million, despite a significant increase in crude oil price at the international market from $72.8 to $81.1 per barrel.

Also, the AGF said there were production shut-ins, facility shut-downs, and closure of production at various oil terminals in the Niger Delta due to fire, leakages, and flooding.

“Revenues from Value Added Tax (VAT), Import and Excise Duties and Royalties increased marginally, while Companies Income Tax (CIT) and Petroleum Profits Tax (PPT) decreased significantly.”

More Details

Details of the revenue distribution showed the Federal Government received N255.2 billion, or 52.68 percent; states, N129.4 billion, or 26.72 per cent, and local government councils N99.8 billion, or 20.60 per cent.

The nine oil producing states of the Niger Delta received N45.5 billion, which represents 13 per cent oil derivation revenue.

The AGF said the total cost of collection in favour of the Federal Inland Revenue Service (FIRS), Department of Petroleum Resources (DPR) and Nigeria Customs Service (NCS) as well as transfers and refunds come up to N21.530 billion.

In terms of the Value Added Tax (VAT) revenue, Federal Government received N14.51 billion, or 15 per cent; States N48.37 billion, or 50 per cent, while the local government councils received N33.9 billion, or 35 perccent.

The balance on Excess Crude Oil Revenue Account is about $0.631 billion.

SOURCE: premiumtimes.com