FAAC shares N619.343bn among FG, states, LGCs for December, 2020

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The Federation Accounts Allocation Committee (FAAC), Wednesday, shared a total of N619.343 billion as federation allocation to the three tiers of government, for the month of December, 2020. The event took place at its meeting through Virtual Conference

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From this amount, inclusive cost of collection by the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS), the Federal Government received N218.297 billion, while the states received N178.280 billion, even as N131.792 billion went to the Local Government Councils, while the oil producing states received N31.827 billion as 13% mineral derivation revenue and, even as cost of Collection/Transfer and Refunds stood at N59.147billion.

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A communique by the Federation Account Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for December, 2020 was N171.358 billion as against N158.785 billion in the preceding month of November, 2020, resulting in an increase of N14.572 billion.

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The distribution is as follows: Federal Government – N23.904 billion, states – N79.682 billion, Local Government Councils – N55.777 billion, while Cost of Collection to FIRS and NCS stood at N6.854 billion, even as Allocation to NEDC project stood at N5.141 billion.

The distributed Statutory Revenue of N437.256 billion received for the month was higher than the N436.457billion received for the previous month by N0.799 billion, from which the Federal Government received N189.451 billon, states – N96.092 billion, LGCs – N74.083 billion, oil producing states – N30.477 billion as13% Mineral Derivation Revenue, and Cost of Collection/ Transfer and Refund – N47.152billion.

The communique also revealed that Company Income Tax (CIT), and Oil and Gas Royalty increased significantly, while Value Added Tax (VAT) recorded some considerable increase. Import and Excise Duties decreased marginally, while Petroleum Profit Tax (PPT) declined substantially.

The communique however disclosed that total revenue distributable for the current month was augmented with the sum of N6.897 billion and N3.482 billion drawn from Forex Equalisation Account and Exchange Gain Difference, respectively.

The balance in the Excess Crude Account as at 20th January, 2021 stands at $72.411 million./ SHARE THIS

• Tag: FAAC meeting

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