Uche Usim, Abuja
The Federal, states and local government areas shared N649.198 billion as federal allocation in January from revenue generated in December, 2018.
According to a communiqué issued by the Technical sub -Committee of Federation Accounts Allocation Committee (FAAC) on Friday, 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.
Revenues from Value Added Tax (VAT), Import and Excise Duties and royalities increased marginally while Companies Income Tax (CIT) and Petroleum Profits Tax (PPT) decreased significantly.
The 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 the Oil Producing States received N45.524 billion also representing 13% derivation revenue.
The Cost of Collection, Transfer and FIRS Refund comes up to N 21.530 billion.
Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal government received N14.510 billion representing 15%; States received N48.365 billion representing 50% while the Local Government Councils received N33.856 billion also representing 35%.
The balance on Excess Crude Account is $631 million.