- The Federation Accounts Allocation Committee (FAAC) has distributed the sum of N619.857 billion for revenue among three tiers of government
- The total revenue is money generated from VAT, excess bank charges, exchange gain, and forex equalisation
- It was also gathered that oil producing states would be getting 13% of the total revenue, while local government would get 127.722 billion
The Federation Accounts Allocation Committee (FAAC) has shared a total sum of N619.857 billion for revenue among the three tiers of government for the month of February 2019.
The revenue of N619.857 billion is made of distributable statutory revenue, Value Added Tax (VAT), excess bank charges, exchange gain, and forex equalisation, Daily Trust reports.
A further breakdown of the revenue was that the gross statutory revenue for the month was N478.434 billion, revenue from VAT is N96.389 billion, exchange gain was N0.858 billion and revenue from forex equalisation revenue was N44.176 billion.
It was also gathered that as at Wednesday, March 27, the money from the excess crude account was pegged at $183 million.
The communiqué given by the FAAC that showed how the money is going to be shared across all the tiers of government; the federal government would get 257.681 billion, the state would be given N169.925 billion, 127.722 billion would go to local government councils.
States from oil producing areas would get 13% which is N50.946 billion and N13.582 billion would be given to agencies in charge of revenue generation as cost of revenue collection.
It should be noted, however, that the gross statutory revenue gotten for February was N478.434 billion, which is lower that what the N505.246 that was generated in January.
It was reported that gross revenue of N96.389 billion was received from VAT for February as against N104.468 billion that was gotten in the month before.
From the revenue generated from VAT, the federal government received N13.880 billion, the states received N46.267 billion, the local government councils received N32.387 billion and the revenue generating agencies received N3.855 billion.
The revenue gotten from crude oil in the month of January increased by 46% which positively affected the growth of the federation revenue from $425 million to $574.95 million.
PAY ATTENTION: Download our mobile app to enjoy the latest news update
Meanwhile, Legit.ng previously reported that the federal government on Wednesday, January 23, introduced the Strategic Revenue Growth Initiative to generate more revenues to finance national development.
The minister of finance, Zainab Ahmed, at the official inauguration of the initiative in Abuja said that the aim was to harmonise efforts of all the revenue generating agencies in increasing government’s coffers.
NAIJ.com (naija.ng) -> Legit.ng: We have upgraded to serve you better
Yes from Buhari: Tobacco and Alcoholic drinks to cost more (New excise duty rates) | Legit TV