The Federation Accounts Allocation Committee (FAAC) said it shared N716.298 billion to the three tiers of government for the month of December 2019.
This was made known by the Permanent Secretary, Ministry of Finance, Budget and National Planning, Isa Dutse who addressed newsmen on the outcome of the meeting in Abuja on Thursday.
According to him the amount shared comprised revenue from Value Added Tax (VAT), Exchange Gain and the Statutory Revenue.
He explained that the Federal Government received N287.929 billion, the State Governments got N191.302 billion, and the Local Government Councils got N143.698 billion.
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The Oil Producing States received N50.279 billion as 13 per cent derivation revenue while the Revenue Generating Agencies received N43.089 billion as cost of revenue collection.
Dutse said the gross statutory revenue for the month of December 2019 was N600.314 billion, adding that it was higher than the N491.875 billion received in the previous month by N108.439 billion.
He disclosed further that the gross revenue available from VAT was N 114.805 billion as against N90.166 billion distributed in the previous month resulting in an increase of N24.639 billion.
He revealed that the exchange Gain produced a total revenue of N1.179 billion.
According to the Permanent Secretary, there was increase in the revenue from FIRS, especially from the non oil revenue, which he said was about 48 per cent increase.
