FAAC: FG, States, LGCs share N699.8b for Dec. 2021

The Federal Government, States and Local Government Councils (LGCs), on Friday, shared N699.824 billion as federation allocation for Dec. 2021.

A statement issued by Mr Oshundun Olajide, Acting Director, Information, Ministry of Finance, Budget and National Planning, said that the amount was shared at the Federation Accounts Allocation Committee (FAAC).

According to it, the virtual conference was chaired by the Permanent Secretary, Mr Aliyu Ahmed.

“From this amount, inclusive of cost of collection to Nigeria Customs Service (NCS), NUPRC and Federal Inland Revenue Service (FIRS), the Federal Government received N279.457 billion, the States N210.046 billion, while LGCs got N155.456 billion.

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“Meanwhile, the oil-producing states received N49.003 billion as derivation (13 per cent of Mineral Revenue).”

The statement said that the communiqué issued by FAAC at the end of the meeting, indicated that the gross revenue available from Value Added Tax (VAT) for Dec. 2021 was N201.255 billion as against N196.175 billion distributed in November.

This, it said, resulted in an increase of N5.080 billion.

Of the VAT, Federal Government got N28.111 billion, States N93.705 billion and LGCs N65.593billion.

“The gross statutory revenue of N560.066 billion received for the month was lower than the N643.481 billion received in the previous month by N83.415 billion.

“From this, the Federal Government received N248.885 billon, States N126.238 billion, LGCs N97.324 billion and derivation (13 per cent mineral revenue) got N34.820 billion.”

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It said that the communiqué also revealed that Companies Income Tax (CIT) and VAT increased reasonably.

It added that Petroleum Profit Tax (PPT) and oil and gas royalties decreased significantly while import and excise duties decreased marginally.

“The distributable statutory revenue of N507.267 billion, VAT of N187.409 billion, Exchange Gain of N5.148 billion, brings the total distributable revenue for the month to N699.824 billion.” (NAN)