FG, states, LGs share N649.19bn in December


The Federal Government, states and local governments have shared N649.19bn as revenue for December 2018.
The Accountant-General of the Federation, Mr Ahmed Idris, who disclosed this on Friday in Abuja, said the figure showed a decline of N163.57bn, compared to the N812. 76bn that was shared in November 2018.
Idris said this while addressing newsmen on the outcome of the Federal Account Allocation Committee meeting.
Giving a breakdown of December revenue, Idris said that the Mineral revenue reduced from N421.8bn in November to N354.22bn.
Also, the Non-Mineral Revenue decreased from N227.7bn in November to N193.24bn.
Idris, however, said that the Value Added Tax (VAT) collected for the month increased from N88.39 billion to N96.73bn in December.
“The gross statutory revenue of N547.46bn received for the month was lower than the N649.62 billion received in the previous month by N102.16bn.
“Federation Crude Oil export sales dropped by N1.7m barrels, resulting in a drop in Federation revenue by 83.54m, regardless of a significant increase in price from 72.84 dollars to 81.06 dollars per barrel.
“There was shut down, shut in and closure of production at various terminals due to fire, leakage and flooding.
“Revenues from VAT, import and excise duties and royalties increased marginally while Companies Income Tax and Petroleum Profit Tax decreased significantly,” he said.
Idris said that the Federal Government received N255.2bn; States N129.44bn and N99.7bn was received by the local governments.
According to him, N45.52bn, representing 13 per cent of the mineral revenue, was shared to oil-producing states.
He, however, said that the Excess Crude Account, which is owned by all tiers of government, was 631 million dollars.