N619.343 billion has been shared by the Federal Account Allocation Committee (FAAC) to the three tiers of government for the month of December, 2020.
The allocation marked an increase for the first time in three months as the amount increased from the N601billion shared for November and N606billion for October.
According to the breakdown as contained in a communique released by FAAC, Wednesday, the Federal Government received N218.29bn, the States received N178.28bn, the Local Government Councils got N131.79bn while the oil producing states received N31.82bn as 13% derivation fund.
Mr Hassan Dodo, Director of Information, Ministry of Finance, Budget and National Planning said the latest allocation was released after a virtual conference held by FAAC.
The FAAC communique indicated that the Gross Revenue available from the Value Added Tax for December, 2020 was N171.35bn as against N158.78bn distributed in the preceding month of November, 2020, marking an increase of N14.572bn during the period.
The distribution was made as follows; Federal Government got N23.9bn, the States received N79.68bn, Local Government Councils got N55.77bn.
The distributed Statutory Revenue of N437.25bn received for the month was higher than the N436.457bn received for the previous month by N0.799bn, from which the Federal Government received N189.45bn, States got N96.09bn, while LGs got N74.08bn.
FAAC revealed also that the balance in the Excess Crude Account as at 20th January, 2021 stands at $72.41m.
It added that Companies Income Tax, and Oil and Gas Royalty increased significantly, while Value Added Tax recorded some considerable increase. Import and Excise Duties decreased marginally, while Petroleum Profit Tax declined substantially.
The communique, however, disclosed that total revenue distributable for the current month was augmented with the sum of N6.897bn and N3.4bn drawn from Forex Equalisation Account and Exchange Gain Difference respectively.
