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Friday, 19 February 2021 06:27

FG, states, LGs share N640.3bn FAAC revenue for January

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Federation Accounts Allocation Committee (FAAC), yesterday distributed N640.310 billion to the federal, states and local governments as allocation for January, 2021.

The distribution was carried out via a virtual conference, according to a statement released last night by Director of Information at the Ministry of Finance, Budget and National Planning, Dodo Hassan.

Of the N640.310 billion shared, including cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR), and Federal Inland Revenue Service (FIRS), the federal government received N226.998 billion; states received N177.171 billion; local government councils got N131.399 billion, while the oil producing states received N26.777 billion as 13 per cent derivation.

Cost of collection/transfer and refunds accounted for N75.966 billion.

A communique issued by FAAC at the end of the meeting indicated that the gross revenue available from the Value Added Tax (VAT) for January, 2021 was N157.351 billion as against N171.358 billion distributed in December, 2020, resulting in a decrease of N14.007 billion.

Federal government got N21.950 billion of the N157.351 billion VAT revenue, the states received N73.168 billion; local government councils got N51.218 billion, while cost of collection for FIRS and NCS accounted for N11.015 billion.

According to the communique, the distributable statutory revenue of N482.958 billion received for the review month was higher than the N437.256 billion received for the previous month by N45.703 billion, from which the federal government received N205.047 billon, states got N104.003 billion, and local councils got N80.162 billion.

N28.777 billion was for 13 per cent derivation while cost of colllection/ transfer and refund was N64.951 billion.

The communique also revealed that Companies Income Tax (CIT), and oil and gas royalty, Value Added Tax (VAT), and Excise Duty recorded marginal to significant decreases.

While import duty increased only marginally, Petroleum Profit Tax (PPT) recorded considerable increase.

The balance in the Excess Crude Account (ECA) as at February 18, 2021 was $72.412 million, the communique added.