FAAC distributes N647.3b as January proceeds to FG, states, councils
The Federation Accounts Allocation Committee (FAAC), has distributed a total of N647.353billion January 2020 Federation Account Revenue to the Federal, states and local governments in Nigeria.
This was announced on Wednesday at the meeting of the Federation Account Allocation Committee (FAAC), held in Lagos, according to a statement by the Deputy Director, Information, in the Office of the Accountant-General of the Federation (AGF), Henshaw Ogubike.
He said the meeting, chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse, was part of activities of the 2020 FAAC Retreat.
The N647.353billion comprised: Statutory Revenue, Value Added Tax (VAT), Exchange Gain, Non-Oil Revenue, and Excess Bank Charges recovered. It was also announced that as at February 19, the balance in the Excess Crude Account (ECA) was $71.814million.
The gross statutory revenue for the month of January was N525.253billion. This was lower than the N600.314billion received in the previous month by N75.061billion.
For the month of January 2020, the gross revenue available from the Value Added Tax (VAT) was N104.758billion against N114.805billion in the previous month, representing a decrease of N10.047billion.
Exchange Gain yielded total revenue of N1.044billion, while the Non-Oil revenue was N16.298billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC), indicated that from the total revenue of N647.353billion, the Federal Government received N267.389billion, the States N176.923billion, and the Local Councils N132.944billion.
The Oil Producing States received N46.197billion as 13 per cent derivation, while the Revenue Generating Agencies received N23.900billion as cost of revenue collection.
A breakdown of the distribution showed that from the gross statutory revenue of N525.253billion, the Federal Government received N243.704billion, the States N123.610billion and the Local Councils N95.298billion. Also, the Oil Producing States received N46.074billion as 13 per cent derivation revenue, and the Revenue Collecting Agencies received N16.567billion as cost of collection.
From the Value Added Tax (VAT) proceeds of N104.758billion, the Federal Government received N14.614billion, the States N48.713billion, the Local Councils received N34.099billion, and the Revenue Generating Agencies received N7.333billion as cost of revenue collection.
From the Exchange Gain proceeds of N1.044billion, the Federal Government received N0.485billion, the States received N0.246billion, the Local Councils got N 0.190billion and the oil producing States got N0.123billion as 13 per cent derivation.
From the Non-Oil income of N16.298 billion, the Federal Government got N8.586 billion, the States N4.355 billion, and the Local Councils got N3.357 billion.
The communiqué confirmed that for January, 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.
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