The Federation Accounts Allocation Committee (FAAC), Wednesday shared among the three tiers of government, a total N619.343 billion to reflate the economy.
The components of the amounts are N171.358 billion Value Added Tax (VAT), N437.26 billion Statutory Revenue, and augmented with N6.897 billion from the Forex Equalisation Account and the N3.482 billion drawn from the Forex Exchange Gain Difference.
The disbursement is the federation allocation for December to help the trio of the federal, the 36 States and the 774 local governments, together with other key stakeholders live up to their financial responsibilities.
Of the amount that was inclusive of cost of collection to Nigerian Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS), the Federal government received N218.297 billion, the 36 States got N178.280 billion, while the 774 Local Government councils got N131.792 billion.
The oil-producing states received N31.827 billion as 13 per cent derivation and the trio of DPR, FIRS and the NCS got N59.15 billion as Cost of Collection/Transfer and Refunds.
From the breakdown of the disbursement of the Value Added Tax (VAT) which shows that December, 2020 figure of N171.358 billion was more than the N158.785 billion distributed in November 2020 by N14.572 billion, the Federal Government got N23.904 billion, the 36 States received N79.682 billion, Local Government Councils got N55.777 billion, while Cost of Collection – FIRS and 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 N436.457billion received for the previous month by N0.799 billion, from which the Federal government received N189.451 billon, States got N96.092 billion, LGCs got N74.083 billion, Derivation (13% Mineral Revenue) got N30.477 billion and Cost of Collection/ Transfer and Refund got N47.152billion.
FAAC at its meeting of Wednesday also told the participants that Companies 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 the Petroleum Profit Tax (PPT) declined substantially.
The Excess Crude Account currently stands at $72.411 million as at 20th January, 2021 according to disclosures from the Account Allocation Committee.
Comments are closed.