FG N287.929 billion, States N191.302 billion, LGs N143.698 billion By Dayo Omoogun The Federation Accounts Allocation Committee (FAAC) has shared a total revenue of N716.298 billion to the three tiers of government for the month of December 2019 as compared to N650.827 billion in the previous month. This was disclosed to journalists at the end of the Federal Accounts Allocation Committee meeting which held Thursday under the chairmanship of the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alhaji Mahmoud Isa-Dutse. A communique issued by the Federation Account Allocation Committee (FAAC) spelt out the respective shares from the total revenue of N716.298 billion as follows: Federal Government N287.929 billion, State Governments N191.302 billion and the Local Government Councils N143.698 billion. The Oil Producing States received N50.279 billion as 13% derivation revenue and the Revenue Generating Agencies received N43.089 billion as cost of revenue collection. The total revenue is derived from a summation of the Value Added Tax, Exchange Gain and Statutory Revenue. The gross statutory revenue for the month of December 2019 was N600.314 billion about 22 per cent higher than the previous months figure of N491.875 billion. The gross revenue available from the Value Added Tax (VAT) was N 114.805 billion as against N90.166 billion distributed in the previous month, representing a 28 per cent increase. Exchange Gain yielded a total revenue of N1.179 billion. The Excess Crude Account (ECA) as at January 15, 2020 remained at the previous months level of 324.968 million dollars. A breakdown of the distribution showed that from the gross statutory revenue of N600.314 billion, the Federal Government received N271.361 billion, the State Governments received N137.638 billion, the Local Government Councils received N106.113 billion, the Oil Producing States received N50.149 billion as 13% derivation revenue and the Revenue Collecting Agencies received N35.053 billion as cost of collection. From the VAT revenue of N114.806 the distribution was as follows: FG N16.015 billion, States N53.386billion, LGs37.369 billion while revenue generation agencies received N8.036billion as cost of revenue collection. The significant increases in revenue are from Companies Income Tax(CIT), Value Added Tax (VAT) Oil and Gas Royalties and Petroleum Profit Tax (PPT), while import duty increased marginally.