Dipo Olowookere
By Dipo Olowookere
The revenue generated by Nigeria in January 2020 was 9.63 percent lower than what was realized in December 2019, the Federation Account Allocation Committee (FAAC) has disclosed.
In a communique issued at the end of its meeting in Lagos on Wednesday, the Permanent Secretary in the Federal Ministry of Finance, Budget and National Planning, Mr Mahmoud Isa-Dutse, said a total N647.35 billion was generated last month compared with the N716. 29 billion earned two months ago.
He attributed this to the lower amount of money remitted by the Nigerian National Petroleum Corporation (NNPC) and the Federal Inland Revenue Service (FIRS) for the month.
According to him, the tax agency explained that it could not generate more funds in the period under review as a result of the reduction in economic activities, which usually occurs in January, adding that revenue generation would improve as the months go by.
Mr Isa-Dutse said FAAC has now disbursed the N647.35 billion to the three tiers of government; federal, state and local governments.
He informed newsmen in Lagos yesterday that the shared revenue comprised Statutory Revenue, Value Added Tax (VAT), Exchange Gain, Non-Oil Revenue and Excess Bank Charges recovered.
“The gross statutory revenue for the month of January 2020 was N525.25 billion. This is lower than the N600.31 billion received in the previous month by N75.06 billion.
“For the month of January 2020, the gross revenue available from the Value Added Tax (VAT) was N104.75 billion as against N114.80 billion in the previous month, resulting in a decrease of N10.04 billion.
“Exchange Gain yielded a total revenue of N1.04 billion, while the non-oil revenue was N16.29 billion,” high-ranking civil servant said.
According to him, from the N647.35 billion, the federal government got N267.38 billion, the 36 state governments received N176.92 billion, while the 774 local government councils were given N132.94 billion.
He said the oil producing states received N46.19 billion as 13 percent derivation revenue and the revenue generating agencies received N23.90 billion as cost of revenue collection.
“The oil producing states received N46.07 billion as 13 percent derivation revenue and the revenue collecting agencies received N16.56 billion as cost of collection.
“From the Value Added Tax (VAT) revenue of N104.75, the federal government received N14.61 billion and the state governments received N48.71 billion.
“The local government councils received N34.09 billion and the revenue generating agencies received N7.33 billion as cost of revenue collection.
“From the Exchange Gain revenue of N1.04 billion, the federal government received N0.48 billion, the state governments received N0.24 billion, the local government councils got N0.19 billion and the oil producing states got N0.12 billion as 13 percent derivation revenue.
“From the non-oil revenue of N16.29 billion, the federal government got N8.58 billion, the state governments got N4.35 billion, the local government councils got N3.35 billion,” Mr Isa-Dutse said.
