Nigeria Records Over N32.5 Billion Statutory Revenue Shortfall In November, 2018

Mrs Ahmed

By CLEMENT NWOJI, Abuja

The Federation Accounts Allocation Committee (FAAC) has disclosed that Nigeria recorded over N32.533 billion revenue shortfall in gross statutory distributable revenue in the month of November, 2018.

FAAC confirmed in its communique at the end of its last monthly meeting for the year 2018 on Wednesday, that the gross statutory distributable revenue of N649.629 billion received for the month was lower than the N682.161 billion received in the previous month by N32.533 billion.

It declared that accrual into all revenue sources such as Foreign Oil and Gas, Domestic Oil and Gas, Royalties, Petroleum Profit Tax (PPT), Import and Excise Duties and Value Added Tax decreased, except revenue from the Companies Income Tax (CIT) which increased significantly within the month under review.

However, FAAC shared a total of N812.762 billion being disbursement from November 2018 revenues to the Federal Government, the 36 States and the Local Government Councils in the country.

The total of N812.762 billion was made up of distributable statutory revenue of N649.629 billion, revenue from Value Added Tax (VAT) of N92.079 billion, Exchange Gain of N1.055 billion and Forex equalization revenue of N70.000 billion.

A communique issued by the Federal Account Allocation Committee (FAAC) at the end of its meeting in Abuja on Wednesday indicated that from the total amount distributed, the Federal Government received N326.754 billion; the States received N203.206 billion; the Local Government Councils received N153.528 billion.

A total of N57.087 billion was given to the oil producing States and 13% derivation revenue, while N72.187 billion went to the relevant agencies as cost of revenue collection.

A statement by the Director ( Information), Hassan Dodo, explained that the communique confirmed the gross statutory distributable revenue of N649.629 billion received for the month was lower than the N682.161 billion received in the previous month by N32.533 billion.

He said that from the statutory revenue of N649.629, the Federal Government received N280.913 billion, the State Governments received N142.483 billion, the Local Government Councils received N109.848 billion, the Oil Producing States received N47.882 billion as 13% derivation revenue and the relevant agencies received N68.503 as cost of collection.

The Minister of Finance, Zainab Ahmed presides over the monthly meeting of FAAC.