FRI, JANUARY 25 2019-theG&BJournal-The Federal Government, states and local governments have shared N649.19 billion as revenue from the month of December 2018, a decline of N163.57 billion, compared to the N812. 76 billion that was shared in November 2018.
The figures were made available to the public by the Accountant-General of the Federation, Mr Ahmed Idris, shortly after Federal Account Allocation Committee (FAAC) meeting.
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.
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.
Meanwhile, FAAC disbursed the sum of N3.19trn to the Federal Government of Nigeria in 208 while states received a total of N2.57trn within the period under review. The amount disbursed to the FGN comprised of N2.8trn as Net Statutory Allocation, N156.98bn as Valued Added Tax (VAT), N10.66bn as NNPC refund to FG and the distribution of N128.41bn from the FOREX equalisation fund.
Delta and Akwa Ibom States received the highest allocation of N213.63bn and N202.37bn respectively in 2018 while Osun and Cross River States received the least allocation of N22.84bn and N36.95bn in that order.
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