By Peter Usman,
Abuja (Nigeria) – A total revenue of N609, 958 billion including Value Added Tax, VAT was distributed among the Federal , 36state governments as well as the 774 local Governments and the Federal Capital Territory, for the month of December.
In the summary of the Federal Account Revenue issued by the Technical Sub-Committee of FAAC in Abuja, the nation’s capital, , it was revealed that the gross revenue available from VAT for the month of November was N80, 426 billion as against N89, 713 billion realized and distributed in the preceding month, resulting in a decrease of N9, 286 billion.
It was also disclosed that the sum of N549, 532 billion was received for the current month as the gross statutory revenue which is higher than the N443, 045 billion received in the previous month by N106, 487 billion.
There was however, a remarkable decrease in revenue from export sales of $69.49 million due to decrease in crude oil production by 1.75 million barrels, but the price of crude oil has increased from $48.66 to $52.07 per barrel.
It was discovered that some of the issues that impacted negatively on crude oil production were attributed to maintenance and sabotage at Bonny Terminal.
Significantly, there were remarkable increases in revenues from Petroleum Profit Tax, PPT, Import Duty, Companies Income Tax, CIT, Royal and Value Added Tax, VAT, which has led to increase in the total revenue allocation for the current month.
