FG, States, LGs Share N640bn

The Federation Accounts Allocation Committee (FAAC), yesterday, at its meeting through Virtual Conference, shared to the three tiers of government, a total sum of N640.310billion as federation allocation for the month of January, 2021.
From this amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N226.998billion, the states received N177.171billion, the local government councils got N131.399billion while the oil producing states received N26.777billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N75.966billion.
The communiqué 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 N157.351billion as againstN171.358billion distributed in the preceding month of December, 2020, resulting in a decrease of N14..007billion.
The distribution is as follows; Federal Government got N21.950billion, the states received N73.168billion, Local Government Councils got N51.218billion, while Cost of Collection – FIRS and NCS got N11.015billion.
The distributed Statutory Revenue of N482.958billion received for the month was higher than the N437.256billion received for the previous month by N45.703billion, from which the Federal government received N205.047billon, States got N104.003billion, LGCs got N80.162billion, Derivation (13% Mineral Revenue) got N28.777billion and Cost of Collection/Transfer and Refund got N64.951billion.
The communiqué also revealed that Companies 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 and Petroleum Profit Tax (PPT) recorded considerable increase.
The balance in the Excess Crude Account as at February 18, 2021, stands at $72.412million.