Home Business Matters Business & Economy #639.901 Billion Allocation Distributed To Federal Government, State Governments and Local Government...

#639.901 Billion Allocation Distributed To Federal Government, State Governments and Local Government Councils

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A total allocation of #6039.901 billion has been shared to the federal, states and local governments by the Federal Accounts Allocation Committee. The total revenue allocation constituted Statutory Revenue of #341.501 billion, VAT Revenue of 141.858 billion, Forex Equalisation #39.542 billion, Non-oil Excessive Revenue #45 billion, and #72 billion Federal Government Intervention Revenue.

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The gross statutory revenue was lower than the #531.830 billion realized in the previous month by #190.329 billion. The VAT revenue was also lower than the #150.230 billion available in the previous month by #8.372 billion. Subject to the communique the federal government received #255.748 billion, the state governments received #185.645 billion and local government councis received #138.44 billion. 13% mineral revenue was received by the relevant states while #3.876 billion was allocated to collections and transfer.

From the gross statutory revenue, the federal government received #161.131 billion, state governments received #81.728 billion, while the local government councils received #63.009 billion with #13.964 billion spent on collection, refund and transfer. The federal government received #19.789 billion from VAT revenue, state government received #65.964 billion, and local government councils received #46.175 billion. While #9.930 billion was spent on collection, transfers and refund.

Out of the forex equalisation revenue federal government the federal government received #39.542 billion, state government received #9.192 billion, local government councils received #7.087 billion, while the relevant states received #5.140 billion as mineral resources. #45 billion was allocated to Non-oil excess revenue, the federal government received #23.706 billion, the state governments received #12.024 billion, local government councils received #9.70 billion.

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In the federal government intervention revenue, the federal government received #12.904 billion, relevant states received #9.360 billion as 13% mineral revenue. Subject to the communique Company Income Tax and Oil and Gas royalties reduced significantly. VAT and Import Duty marginally decreased. Petroleum Profit Tax and Excise Duty increased making the balance in the excess Crude Account to be $72.409 million.

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