FAAC shares N640.310 billion among FG, states, LGCs for January, 2021

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The Federation Accounts Allocation Committee (FAAC) has shared a total sum of N640.310 billion as federation allocation to the three tiers of government for the month of January, 2021. The event took place, Thursday, at its meeting through Virtual Conference.

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From this amount, inclusive cost of collection to the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS), the Federal Government received N226.998 billion, the states – N177.171 billion, and Local Government Councils – N131.399 billion, just as the oil producing states received N26.777 billion as 13% mineral revenue derivation, while Cost of Collection/Transfer and Refunds stood at N75.966 billion.

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A communique issued 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 January, 2021 was N157.351 billion as against N171.358 billion distributed in the preceding month of December, 2020, resulting in a decrease of N14.007 billion. The distribution is as follows: Federal Government – N21.950 billion,states – N73.168 billion, Local Government Councils – N51.218 billion, while Cost of Collection to FIRS and NCS stood at N11.015 billion.

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The distributed Statutory Revenue of N482.958 billion received for the 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 – N104.003 billion, LGCs – N80.162 billion, 13% Mineral Revenue Derivation – N28.777 billion while Cost of Collection/ Transfer and Refund stood at N64.951 billion.

The communique also revealed that Company 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 as at 18th February, 2021 stands at $72.412 million./SHARE THIS

• Tags: FAAC, Federal Ministry of Finance, Budget and National Planning, Dr (Mrs.) Zainab S. Ahmed

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