Home » OIL » Oil-producing states receive N50.2bn as 13 percent derivation in December

Oil-producing states receive N50.2bn as 13 percent derivation in December

Oil producing states in the country received N50.279 billion as 13 percent derivation revenue in December, 2019, according to the Permanent Secretary, Ministry of Finance, Budget and National Planning, Alhaji Isa Dutse.

Dutse disclosed this to newsmen in Abuja, but, did not give details as to the break-down of the derivation revenue according to the benefitting oil-producing states.

He said the money was from the total revenue from the federation account for the month shared by the Federation Accounts Allocation Committee, FAAC.

According to him, FAAC shared N716.298 billion to the three tiers of government – the Federal, State and Local Councils – for December, and the amount shared comprised revenue from Value Added Tax, VAT, Exchange Gain and the Statutory Revenue.

He said the Federal Government received N287.929 billion; the State Governments, N191.302 billion; and the Local Government Councils, N143.698 billion.

He added that while the oil producing states received N50.279 billion as 13 per cent derivation fund, the revenue generating agencies of the Federal Government received N43.089 billion as cost of revenue collection.

The Permanent Secretary said the gross statutory revenue for the month of December was N600.314 billion, adding that it was higher than the N491.875 billion received in the previous month by N108.439 billion.

He maintained that the gross revenue available from VAT was N 114.805 billion as against N90.166 billion distributed in the previous month resulting in an increase of N24.639 billion.

According to him, exchange gain yielded a total revenue of N1.179 billion.

Dutse disclosed that there was increase in the revenue from FIRS, especially from the non oil revenue, which he said was about 48 per cent increase.

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