From Uche Usim, Abuja
The Federation Accounts Allocation Committee (FAAC), on Wednesday, disclosed in a digital assembly that the three tiers of authorities shared N619.343 billion as federation allocation for December, 2020.
From this quantity, inclusive price of assortment to the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS), the Federal Government acquired N218.297 billion, the States bought N178.280 billion, the Local Government Areas bought N131.792 billion whereas the oil producing states acquired N31.827 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds bought N59.147billion.
The communique issued by the Federation Account Allocation Committee (FAAC) at the finish of the assembly, indicated that the Gross Revenue accessible from the Value Added Tax (VAT) for December, 2020 was N171.358 billion as in opposition to N158.785 billion distributed in the previous month of November, 2020, ensuing in a rise of N14.572 billion. The distribution is as follows; Federal Government bought N23.904 billion, the States acquired N79.682 billion, Local Government Councils bought N55.777 billion, whereas Cost of Collection – FIRS and NCS bought N6.854 billion and Allocation to NEDC undertaking acquired N5.141 billion.
The distributed Statutory Revenue of N437.256 billion acquired for the month was greater than the N436.457billion acquired for the earlier month by N0.799 billion, from which the Federal authorities acquired N189.451 billon, States bought N96.092 billion, LGCs bought N74.083 billion, Derivation (13% Mineral Revenue) bought N30.477 billion and Cost of Collection/ Transfer and Refund bought N47.152billion.
The communique additionally revealed that Companies Income Tax (CIT), and Oil and Gas Royalty elevated considerably, whereas Value Added Tax (VAT) recorded some appreciable improve. Import and Excise Duties decreased marginally, whereas Petroleum Profit Tax (PPT) declined considerably.
The communique nevertheless disclosed that complete income distributable for the present 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 steadiness in the Excess Crude Account as at twentieth January, 2021 stands at $72.411 million.
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