BY MARK ITSIBOR |
The Federation Accounts Allocation Committee (FAAC), yesterday at its meeting shared to the three tiers of government, a total sum of N619.343billion as federation allocation for the month of December, 2020, a statement that was issued by the Ministry of Finance has shown.
From this amount, inclusive cost of collection to Nigerian Customs Service (NCS), Department of Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS), the federal government received N218.297billion, the states received N178.280billion, the local government councils got N131.792billion while the oil producing states received N31.827 billion as derivation (13 per cent of mineral revenue) and Cost of Collection/Transfer and Refunds got N59.147billion.
The communique issued by 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 N158.785billion distributed in the preceding month of November, 2020, resulting in an increase of N14.572billion.
The distribution is as follows; federal government got N23.904billion, the states received N79.682billion, local government councils got N55.777 billion, while Cost of Collection – FIRS and NCS got N6.854 billion and Allocation to North East Development Commission (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 per cent Mineral Revenue) got N30.477 billion and Cost of Collection/ Transfer and Refund got N47.152billion.
The communique also revealed 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 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.