FAAC Shares N619bn To FG, States, LGs; Allocation Marks 3-month High

Related stories

As the US, UAE Close its Doors, FG Pledges Diplomatic Resolution

Retired Envoys: Without Ambassadors, Nothing 'll change By Abiola...

What NATO Countries Spend on Military, Health, and Education

Key Takeaways Currently, every NATO member spends less on their military...

Nigeria: Flying Blind In The Global Space

By Owei Lakemfa The United States, US, government of...

Is the world shutting its door on Nigeria?, By Dakuku Peterside

Visa restrictions are more than bureaucratic hurdles. They are...

[VIDEO] End of an Era!Tears as Buhari is Laid to Rest in Daura

https://m.youtube.com/watch?v=yElAG5mJUbA&pp=ygUYUHJlc2lkZW50IGJ1aGFyaSBidXJpZWQg By Abiola Olawale In a solemn moment, Nigeria has bid...

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.

'dotun Akintomide
'dotun Akintomide
'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
As the US, UAE Close its Doors, FG Pledges Diplomatic ResolutionWhat NATO Countries Spend on Military, Health, and EducationNigeria: Flying Blind In The Global SpaceIs the world shutting its door on Nigeria?, By Dakuku Peterside[VIDEO] End of an Era!Tears as Buhari is Laid to Rest in DauraEnd of an Era: Massive Security Presence in Katsina as Nigerians Prepare for Buhari’s FarewellFemi Adesina Counters Critics, Says Buhari Would 've Died Before Now if He Used local HospitalsTribute To The Late Former President, Muhammadu Buhari GCFR[PHOTOS]Buhari: Tinubu Arrives Katsina for State BurialBreaking! Buhari’s Remains Arrive in Nigeria as Political Elites Gather in Daura for BurialEnd of an Era!Buhari's Remains depart London for Nigeria for Full State BurialOba Adetona's Burial: Fierce Race for Next Awujale of Ijebuland CommencesBuhari had no property in the UK, says Femi AdesinaBuhari: FG declares Tuesday as Public Holiday Details as FG Declares Tuesday a Public Holiday to Honor Buhari
X whatsapp