Nigeria’s three tiers of government – federal, states and local government councils – shared N617.6 billion as federal allocations for March 2019. A communiqué issued by the Technical sub-committee of the Federation Accounts Allocation Committee (FAAC), at the end of its meeting in Abuja on Tuesday, said the gross statutory revenue received was about N446.6 billion. The figure is lower than the N478.4 billion received in the previous month by about N31.7 billion. Also, the revenue generated from the Value Added Tax (VAT) stood at about N92.2 billion, which showed a marginal decrease of about N4.2 billion from the N96.4 billion generated the previous month.
There was also N653 million foreign exchange gain; about N13 billion from Foreign exchange Equalisation; N55 billion from Good & Valuable Consideration as well as N10 billion added by Nigerian National Petroleum Corporation (NNPC). The total distributable revenue for the month came to about N617.6 billion. Consequently, from the net distributable revenue for the month, the federal government received about N257.8; states, N168.3 billion; local government councils, N126.6 billion. The oil-producing states got N49.8 billion as 13 per cent derivation of mineral revenue.The cost of collection, transfer and Federal Inland Revenue Service (FIRS) Refund was about N 15 billion. Also, the distribution of the Value Added Tax (VAT) realised showed the federal government received N13.3 billion, representing 15 per cent; states, N44.2 billion or 50 per cent, while the councils got about N31 billion or 35 per cent. The breakdown of allocation from the statutory revenue generated showed the federal government took N208.4 billion or 52.68 per cent; states, N105.7 billion; councils, N81.5 billion. Other details showed the crude oil export sales increased by about 49.18 per cent due to the increase in lifting volume. This resulted in increased federation revenue by about $240.23 million. The average crude oil price increased from $63.62 to $79.06 per barrel. However, lifting operations were adversely affected by production shut-in, shut -down at various terminals due to technical issues, leaks and maintenance. The committee said there was also a remarkable increase in revenues from oil royalty; import and excise duties increased, while Petroleum Profit Tax (PPT) decreased significantly including Companies Income Tax (CIT).
Source: Premium Time