Statutory Revenue Declines By N56.575 Billion As Excess Crude Account Hits $71.814 Million

The Federation Accounts Allocation Committee (FAAC) has disclosed that the nation’s distributable Statutory Revenue for the month of January, 2020 declined by N56.575 billion.

This is even as FAAC shared to the Federal Government, States and Local Government Councils a sum total of N647.353 billion as federal allocations for the month of January 2020.

Although, FAAC didn’t say the reason for the decline in distributable Statutory Revenue within the month, “The distributed Statutory Revenue of N508.686 billion according to the communique received for the month was lower than the N565.261 billion received in the previous month by N56.575 billion”.

These were disclosed at the end of FAAC meeting held in Lagos Wednesday. The meeting was presided  by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse.

From this amount, inclusive of Gross Statutory, VAT, Exchange Gain difference, and distribution from non-Mineral Revenue, the Federal Government received N267.389 billon, the States received N176.923 billion, Local Government councils got N132.944 billion, while the oil producing states received N46 billion as derivation (13% Mineral Revenue).

However, cost of collection/FIRS, and NCS Refund/ Allocation to NEDC was N23.900 billion.

The communique issued by the Federation Accounts Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for January 2020 was N97.425 billion as against the N106.769 billion distributed in the preceding month of December 2019, resulting in a decrease of N9.344 billion.

The distribution is as follows; Federal Government got N14.614 billion, the States received N48.6174 billion, Local Government Councils got N34.009 billon.

The distributed Statutory Revenue of N508.686 billion according to the communique received for the month was lower than the N565.261 billion received in the previous month by N56.575 billion, which was also distributed as follows; Federal Government received N243.704 billion, States received N123.610, Local Government Councils got N95.298 billion while oil producing states derivation received N46.074 billon.

The total revenue distributable for the current month (including cost of collection to NCS, DPR and FIRS) according to the committee is N647.353 billion, adding that as at February 19th, 2020, the Excess Crude Account (ECA) is $71.814million.