FG, States, LGAs share N640.3bn for January

The Federal Government, States and Local Government Councils on Thursday shared N640.310 billion as revenue allocations for January.

The Director of Information, Ministry of Finance, Budget and National Planning, Hassan Dodo, disclosed this in a communiqué issued at the end of the virtual Federation Accounts Allocation Committee (FAAC) meeting held in Abuja.

The communiqué was made available to journalists on Saturday.

He said the amount shared by the three tiers of government included the cost of collection to different agencies.

According to him, the funds shared were the cost of collection to Nigeria Customs Service (NCS) Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

Dodo noted that the federal government received N226.998 billion, the states got N177.171 billion and the LGAs collected N131.399 billion.

He added that the oil-producing states received N26.777 billion as 13 percent derivation for Mineral Revenue while Cost of Collection/Transfer and Refunds gulped N75.966 billion.

The ministry official said the Gross Revenue available from the Value Added Tax (VAT) for January was N157.351 billion.

However, this was N14.007 billion lower than the N171.358 billion distributed in December last year.

Dodo said: “The distribution is as follows: Federal Government got N21.950 billion, the states received N73.168 billion, LGAs got N51.218 billion, while Cost of Collection – FIRS and NCS got N11.015 billion.

READ ALSO: FG, States, LGAs share N619.343bn for December 2020

“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 this, the Federal Government received N205.047 billion, states got N104.003 billion, LGAs got N80.162 billion, Derivation (13 percent Mineral Revenue) gulped N28.777 billion and Cost of Collection/ Transfer and Refund took N64.951 billion.”

He also revealed that Companies Income Tax (CIT) and Oil and Gas Royalty, VAT, and Excise Duty recorded marginal to significant decreases.

However, Import Duty increased only marginally and Petroleum Profit Tax (PPT) recorded a considerable increase.

The balance in the Excess Crude Account (ECA) as of February 18 was $72.412 million.

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