General

FAAC shares N716.2bn to FG, states and LGAs for December 2019

Deputy Director, Press and Public Relations, HENSHAW OGUBIKE, disclosed this in a statement circulated in the media.

 

He said the total sum comprised revenue from Value Added Tax, VAT, Exchange Gain and the Statutory Revenue.

 

According to the breakdown; the Federal Government received two hundred and eighty-seven point nine billion naira, the State Governments received one hundred and ninety-one point three billion naira, and the Local Government Councils received one hundred and forty-three point six billion naira.

 

Oil Producing States received fifty point two billion naira as thirteen percent derivation revenue and the Revenue Generating Agencies received forty-three billion naira as the cost of revenue collection.

 

The statement added that as of January 15, 2020, the balance in the Excess Crude Account was three hundred and twenty-four point nine million dollars.

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