Emeka Okoroanyanwu
The eight oil bearing states received a total of N46.07 billion revenue from the Federation Account Allocation Committee, FAAC, in January this year. The states are Rivers, Bayelsa, Delta, Ondo, Imo, Edo, Akwa Ibom and Abia. The amount is from the 13 per cent derivation revenue as enshrined in the Revenue Allocation formula.
The amount is from the N647.35 billion shared by the Federal, states and local governments during the month, comprising Statutory Revenue; Value Added Tax, VAT; Exchange Gain; Non-Oil Revenue and Excess Bank Charges recovered.
Mr. Mahmoud Isa-Dutse, Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, who gave details of the revenue allocation during the month under review said the gross statutory revenue for the month of January 2020 was N525.25 billion, lower than the N600.31 billion received in the previous month by N75.06 billion.
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“For the month of January 2020, the gross revenue available from the Value Added Tax (VAT) was N104.75 billion as against N114.80 billion in the previous month, resulting in a decrease of N10.04 billion. Exchange Gain yielded revenue of N1.04 billion, while the Non-Oil revenue was N16.29 billion,” he said.
He stated that from the N647. 35 billion shared in January, the federal government got N267.38 billion, the state governments, N176.92 billion, and the local government councils, N132.94 billion.
According to a communiqué issued by FAAC, a breakdown of the distribution showed that from the gross statutory revenue of N525.25 billion, the federal government received N243.70 billion, the state governments received N123.61 billion and the local government councils received N95.29 billion.
“From the Value Added Tax (VAT) revenue of N104.75, the federal government received N14.61 billion and the state governments received N48.71 billion.
“The local government councils received N34.09 billion and the revenue generating agencies received N7.33 billion as cost of revenue collection.
“From the Exchange Gain revenue of N1.044 billion, the federal government received N0.48 billion, the state governments received N0.24 billion, the local government councils got N 0.19 billion and the oil producing states got N0.12 billion as 13 per cent derivation revenue.
From the Non-Oil revenue of N16.29 billion, the federal government got N8.58 billion, the state governments got N4.35 billion while the local government councils received N3.35 billion.
