The state , with other 35 states and the Federal Capital Territory, have shared within the three tiers of , the sum of N635.826b for November , through the Federation Accounts Allocation Committee (FAAC).

The Federation Account Allocation Committee (FAAC) , indicated that from the total revenue of N635.826 billion, the Federal Government received N267.883 billion, the States received N172.569 billion, and the Local Government Councils received N129.972 billion.

Oil Producing States, including Ondo, received N49.124 billion as 13% derivation revenue and the Revenue Generating Agencies received N16.277 billion as cost of revenue collection.

A breakdown of the distribution showed that from the gross statutory revenue of N491.875 billion, the Federal Government received N230.243 billion, the States received N116.782 billion, the Local Government Councils received N90.034 billion, the Oil Producing States received N42.144 billion as 13% derivation revenue and the Revenue Collecting Agencies received N12.671 billion as cost of revenue collection.

From the Value Added Tax (VAT) revenue of N90.166 billion, the Federal Government received N12.984 billion, the States received N43.280 billion, the Local Government Councils received N30.296 billion and the Revenue Collecting Agencies received N3.606 billion.

From the Forex Equalization revenue of N53 billion, the Federal Government received N24.290 billion, the States received N12.321 billion, the Local Government Councils received N9.499 billion and the Oil Producing States received N6.890 billion as 13% derivation revenue.

For November 2019, revenues from Companies Income Tax (CIT), Value Added Tax (VAT), import duty, Royalties, Petroleum Profit Tax (PPT) all decreased significantly, while Excise Duty increased marginally.

Leave a Reply

Your email address will not be published. Required fields are marked *