The Federal, States and Local Governments have shared N619.343 billion as federation allocation for December, 2020, N14.572 billion higher than N158.785 billion shared in the previous month 2020.
Hassan Dodo, Director of Information, Ministry of Finance, Budget and National Planning announced this in Abuja.
The distribution was as follows:
• Federal Government N23.904 billion
• States N79.682 billion
• Local Government Councils N55.777 billion
• Cost of Collection by FIRS and NCS is N6.854 billion
• Allocation to NEDC project N5.141 billion.
According to Dodo, the distributed Statutory Revenue for December 2020 was N437.256 billion, an increase of N799 million over the previous month.
From this amount, the Federal government received N189.451 billion, States got N96.092 billion while LGs collected N74.083 billion.
The sum of N30.477 billion went into Derivation (13 per cent Mineral Revenue) and N47.152 billion went into Cost of Collection/Transfer and Refund.
Dodo said the allocation was released after a virtual conference of the Federation Accounts Allocation Committee (FAAC).
It also said that the federal government received N218.297 billion, the states received N178.280 billion, while LGs got N131.792 billion.
The oil producing states received N31.827 billion as derivation (13 per cent of Mineral Revenue) while Cost of Collection/Transfer and Refunds amounted to N59.147 billion.
According to Dodo, the Gross Revenue available from the Value Added Tax (VAT) for December 2020 was N171.358 billion. This was N14.572 billion higher than N158.785 billion distributed in November 2020.
The total revenue distributable for the month was augmented with N6.897 billion and N3.482 billion drawn from Forex Equalisation Account and Exchange Gain Difference.
The balance in the Excess Crude Account as at January 20, 2021 was $72.411 million.