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FAAC: FG, states, LGs share N619.343b

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THE Federation Accounts Allocation Committee (FAAC) in its virtual meeting yesterday, shared about N619.343 billion as federation allocation for the month of December 2020, to the three tiers of government.

  While federal government received N218.297 billion, states and local government councils received N178.28 billion and N131.792 billion respectively with oil-producing states receiving N31.827 billion as 13 per cent derivation of mineral revenue.

  A statement issued in Abuja, by the spokesperson of Federal Ministry of Finance, Budget and National Planning, Hassan Dodo, also stated that the cost of collection, transfer and refunds got N59.147 billion.

Gross revenue available from the Value Added Tax (VAT) for December 2020, was estimated at N171.358 billion up from N158.785 billion that was distributed in the preceding month of November 2020, by an increase of N14.572 billion.

  Further breakdown of the of the distribution showed that Federal Government got N23.904 billion, states received N79.682 billion and local government councils got N55.777 billion, while cost of collection – FIRS and Nigeria Customs Service (NCS) got N6.854 billion and allocation to NEDC project received N5.141 billion.

  The distributed statutory revenue of N437.256 billion received for the month was higher than the N436.457 billion received for the previous month by N0.799 billion.

  From this, the federal government received N189.451 billion, states got N96.092 billion, local government councils got N74.083 billion, the 13 per cent derivation from mineral revenue got N30.477 billion and cost of collection, transfer and refund got N47.152 billion.

  The communique also revealed that Companies Income Tax and oil and gas royalty increased significantly while VAT recorded some marginal increase.

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