The Federation Account Allocation Committee, FAAC, has distributed the sum of N655.177 billion to the three tier government as revenue allocation for the month of December 2017.
The FAAC meeting which is the first for the year was positive as the shared amount of N655.177 for December is higher than the amount allocated for November which is N609.959, showing an increase of N45.218 billion.
Federal government received N252.5 billion, states, N150.1 billion and the local government, N98.7 billion.
The Chairman of FAAC and Minister of Finance, Mrs. Kemi Adeosun, who addressed newsmen after the FAAC meeting, disclosed that the total statutory allocation is put at N540.446 billion which was made up of NNPC N104.340 billion, DPR N77.617 billion, FIRS collection from the oil sector N88.37 billion and Non- Oil N116.19 billion and Nigerian Customs Service N51.983 billion.
She further noted that there was a refund of some excess bank charges that have been recovered of N1.939 billion which makes up the N540.446 billion.
Furthermore, Adeosun stated that from the statutory gross revenue, 7% cost of collection was deducted to the Customs N3.638 billion, 4% Cost of Collection to FIRS N4.567 billion, 4% cost of Collection to DPR N3.104 billion and a provision for the FIRS Tax refund of N2 billion as well as a refund by the NCS of N8 million.
According to her, “The total net statutory allocation which is N527.129 billion was distributed as follows; Federal Government N252.543 billion, State Government N128.093, and Local Government N98.754 billion and Derivation N47.739.
“Value Added Tax (VAT) for the month collection was N83.963 billion from which a cost of collection of N3.35 billion was deducted, giving a net of N80.604 which was distributed as follows; Federal government N12.09 billion, state N40.30 and local government N28.212 billion”.
The Minister gave the grand summary for the month as follows; Statutory Gross N540.446, VAT Gross N83.963 bringing the total Gross to N624.409 billion and distribution of N30.768 billion from the Forex Equalization Account, bringing the Grand total to N655.177.
Excess Crude Account was put at $2.317 billion and the Excess PPT at $133 million.
Fielding questions from Newsmen, Adeosun noted that the FIRS collection was split into oil and Non- oil and the Non-oil for the month is N116 billion against N188 billion of Oil related tax collection.
She noted also that there has been an improvement of the normal tax collection year on year, adding that they will continue to focus on that going forward.
