BEVERLY HILLS, February 19, (THEWILL) – The Federation Accounts Allocation Committee (FAAC) has shared to the three tiers of government a total of N640.310 billion for January.
From this amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N226.998 billion, the states N177.171 billion, the Local Government councils N131.399 billion while the oil-producing states received N26.777 billion (13% derivation) and cost of collection/transfer and refunds gulped N75.966 billion.
The communiqué issued by FAAC at the end of its meeting this week 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 got N21.950 billion, the States received N73.168 billion, Local Government Councils got N51.218 billion, while Cost of Collection –FIRS and NCS got N11.015 billion.
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 got N104.003 billion, LGCs got N80.162 billion, 13% mineral derivation revenue received N28.777 billion, and cost of collection/ transfer and refund came to N64.951 billion.
The communique 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 18th February, 2021 stands at $72.412 million
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