FAAC: FG, states, LGs share N716.2bn for month of December

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The Federation Accounts Allocation Committee (FAAC) has shared N716.298 billion to the three tiers of government for the month of December 2019.

The Permanent Secretary, Ministry of Finance, Budget and National Planning, Alhaji Isa Dutse disclosed this while addressing newsmen on the outcome of the meeting in Abuja on Thursday.

Dutse explained that the amount shared comprised revenue from Value Added Tax (VAT), Exchange Gain and the Statutory Revenue.

He said the Federal Government received N287.929 billion, the State Governments got N191.302 billion, and the Local Government Councils received N143.698 billion.

He added that the Oil Producing States received N50.279 billion as 13 per cent derivation revenue and the Revenue Generating Agencies received N43.089 billion as cost of revenue collection.

He said the gross statutory revenue for the month of December 2019 was N600.314 billion, adding that it was higher than the N491.875 billion received in the previous month by N108.439 billion.

The permanent secretary stated that the gross revenue available from VAT was N 114.805 billion as against N90.166 billion distributed in the previous month resulting in an increase of N24.639 billion.

According to him, exchange Gain yielded a total revenue of N1.179 billion.

Dutse disclosed that there was increase in the revenue from FIRS, especially from the non-oil revenue, which he said was about 48 per cent increase.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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