The Federal Accounts Allocation Committee (,FAAC) has released N716.298BILLION for December 2019 allocation to the Federal Government, States and the Local Governments.
This was disclosed at the FAAC meeting on Thursday, chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, ALHAJI MAHMOUD ISA-DUTSE .
The N716.298 billion comprised revenue from Value Added Tax (VAT), Exchange Gain and the Statutory Revenue. The FAAC announced that as at 15th January, 2020, the balance in the Excess Crude Account (ECA) was $324.968 million.
The gross statutory revenue for the month of December 2019 was N600.314 billion.
It was higher than the N491.875 billion received in the previous month by N108.439 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, resulting in an increase of N24.639 billion. Exchange Gain yielded total revenue of N1.179 billion.
