The Federal Accounts Allocation Committee (FAAC) has released the sum of N649.198 billion for the Federal, States, and Local Governments for the month of December 2018.
Although the amount was lower than what was shared in December for November 2018, Chairman of Forum of Finance Commissioners, Mr Mahmood Yunusa said his members were satisfied with the transparency enabled by the new revenue reporting template introduced in November 2018.
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The communiqué issued by the Technical sub -Committee of Federation Accounts Allocation Committee (FAAC) indicated that the Gross statutory revenue received is N547.462 billion which is lower than the N649.629 billion received in the previous month by N102.167 billion.
Federation crude oil export sales dropped by 1.7 Million barrels resulting to a drop in Federation Revenue by $83.54 million regardless of a significant increase in price from $72.84 to $81.06 per barrel.
There was shut-in, shut -down and closure of production at various terminals due to fire, leakages and flooding.
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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.
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Total revenue distributable for the current month (including VAT and exchange gain difference) is N649.198 billion.
Therefore, from the net statutory revenue, Federal Government received N255.202 billion representing 52.68%; states received N129.442 billion representing 26.72%; local government councils received N99.794 billion representing 20.60%; while oil producing states received N45.524 billion also representing 13% derivation revenue.
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Also, N21.530 billion went into servicing FIRS, Nigerian Customs Service and Department of Petroleum Resources’ cost of collection, transfer and FIRS refund.
Also, Federal Government got N14.510 billion representing 15%; States received N48.365 billion representing 50% while Local government councils received N33.856 billion also representing 35% from VAT revenue.
As at January 24, 2019, balance in Excess Crude Account wass $0.631 billion.
Answering reporters’ questions, Yunusa said the new revenue reporting template has added tremendous value as it was designed to show transparency.
He however expressed the hope that more transparency would be shown when it becomes fully operational as from next month.
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