FAAC Shares N716,298 Billion to Federal, State and Local Government for December 2019

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.

Author: NewsAdmin

5472 stories / Browse all stories

Related Stories »

Provide your email below, and we will notify you the latest news freely.

sjdating    

calendar »

January 2020
M T W T F S S
« Dec    
 12345
6789101112
13141516171819
20212223242526
2728293031