FG, States, LGs share N716.3bn Dec revenue
The federal, state and local governments yesterday shared N716.298 billion as the earned revenue for December 2019.
This was announced at the FAAC meeting on Thursday, chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alhaji Mahmoud IsaDutse.
Briefing journalists, Alh. Dutse explained that the N716.298bn comprised revenue from Value Added Tax (VAT), Exchange Gain and the Statutory Revenue.
The gross statutory revenue for December 2019 was N600.314bn. It was higher than the N491.875bn received in the previous month by N108.439bn. The gross revenue
Those who supervised the nation’s port concession programme are to blame for the chaotic gridlock witnessed on all access roads leading to the Ports in Apapa in Lagos State, the Nigeria Customs Service (NCS) said.
Speaking at a one-day stakeholders’ meeting organised by the Nigerian Shippers Council (NSC), the Deputy Comptroller, Enforcement Unit of the Tin Can Island Command of NCS, Dera Nnadi, said the supervisors of the programme failed to properly handle issues available from VAT was N114.805bn as against N90.166bn distributed in the previous month, resulting in an increase of N24.639bn. Exchange Gain yielded revenue of N1.179bn.
The communique issued by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of N716.298bn, the Federal Government received N287.929bn, the State Governments received N191.302bn, and the Local Government Councils received N143.698bn.
The Oil Producing States received N50.279bn as 13 percent derivation revenue and the Revenue Generating Agencies received N43.089bn as cost of revenue collection.
From the gross statutory revenue of N600.314bn, the Federal Government received around the common user areas at the ports area.
Nnadi who represented the Zonal Coordinator, Lagos Zone A, Assistant Comptroller General (ACG) Chinwe Ekekezie at the event also blamed poor traffic management system at the seaport areas.
He however advised that stakeholders should not dwell on the causative factors but to offer solutions.
He said, “We should also ask ourselves prior to the growth in our cargo throughput, what was the traffic situation and traffic management
N271.361bn, the State Governments received N137.638bn, the Local Government Councils received N106.113bn, the Oil Producing States received N50.149 bn as 13 percent derivation revenue and the revenue collecting agencies received N35.053bn as cost of collection.
Also from VAT revenue of N114.806bn, the Federal Government received N16.015bn, the State Governments received N53.386bn, the Local Government Councils received N37.369bn and the revenue generating agencies received N8.036bn as cost of revenue collection.
The communique confirmed significant increases in revenues from Companies Income Tax (CIT), VAT, oil and gas royalties and Petroleum Profit Tax (PPT); import duty increased marginally. like? If we fail to address these issues, we will keep talking of the symptoms of the challenges and not the solutions. Even if we tar all the roads, the problems will persist if we fail to evolve modern traffic management systems,” he noted.
One of the recommendations, according to him, was for the contractors handling the various road projects in the area, especially the Apapa-Oshodi Express Way to open up more alternative access to ease off the huge volume of vehicular traffic on the existing roads.