A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of N716.298 billion, the Federal Government received N287.929 billion, the State Governments received N191.302 billion, and the Local Government Councils received N143.698 billion.

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.

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 Value Added Tax (VAT) revenue of N114.806, the Federal Government received N16.015 billion, the State Governments received N53.386 billion, the Local Government Councils received N37.369 billion and the Revenue Generating Agencies received N8.036 billion as cost of revenue collection.

The communiqué confirmed that for the month of December 2019, there were significant increases in revenues from Companies Income Tax (CIT), Value Added Tax (VAT) Oil and Gas Royalties and Petroleum Profit Tax (PPT), while import duty increased marginally. (Nigerian Tribune)