FAAC: FG, States, LGAs Share N640.3bn For January

Related stories

Tinubu Mourns Legendary ‘Gwo Gwo Ngwo’ Crooner Mike Ejeagha

By Abiola Olawale President Bola Tinubu has expressed deep sorrow...

Nigeria Already Sliding into Dictatorship, Ozekhome Warns

By Abiola Olawale Renowned constitutional lawyer and human rights advocate,...

Name National Assembly Members Behind Benue Killings, PDP Challenges Alia

By Kolawole Ojebisi The Peoples Democratic Party, PDP, has challenged...

Benue Attacks: Big Names, Politicians Indicted By Judicial Panel Reports —Alia

By Kolawole Ojebisi Benue State Governor, Hyacinth Alia, has alleged...

Ozekhome Decries Judges’ Poor Remunerations, Bad State Of Nigerian Courts

By Kolawole Ojebisi A Senior Advocate of Nigeria (SAN) and...

The Federation Accounts Allocation Committee (FAAC) has shared N640.310 billion to the three tiers of government for January.

Mr Hassan Dodo, the Director of Information, Ministry of Finance, Budget and National Planning, said this was made known in a communique issued at the end of virtual conference of FAAC on Thursday.

The committee in its communique explained that the amount shared by the Federal Government, States and Local Government Areas (LGAs) included cost of collection to different agencies involved.

It noted that N640.310 billion shared included cost of collection to Nigeria Customs Service (NCS) Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

The committee also noted that the Federal Government received N226.998 billion, the states received N177.171 billion and  the LGAs got N131.399 billion.

It added that the oil producing states received N26.777 billion as derivation (13 per cent of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N75.966 billion.

According to the communique, the Gross Revenue available from the Value Added Tax (VAT) for January was N157.351 billion.

It stated that this was against N171.358 billion distributed in the preceding month of December  2020,  resulting in a decrease of N14.007 billion.

“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.

“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 billon, states got N104.003 billion, LGAs got N80.162 billion, Derivation (13 per cent Mineral Revenue) got N28.777 billion and Cost of Collection/ Transfer and Refund got N64.951 billion.”

The communique 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.
Furthermore, the balance in the Excess Crude Account as at Feb. 18 was 72.412 million dollars.

NAN

'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

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
Tinubu Mourns Legendary ‘Gwo Gwo Ngwo’ Crooner Mike EjeaghaNigeria Already Sliding into Dictatorship, Ozekhome WarnsName National Assembly Members Behind Benue Killings, PDP Challenges AliaBenue Attacks: Big Names, Politicians Indicted By Judicial Panel Reports ---AliaOzekhome Decries Judges' Poor Remunerations, Bad State Of Nigerian CourtsLeadership Lessons From AfDB's Akinwumi AdesinaTrump asks aides if they think Musk’s behavior could be related to alleged drug use, source saysVisualizing Trump’s 2026 Budget ProposalUmo Eno: Professing Love For Tinubu Without Joining APC, 'Anti-party'King Charles Recognizes Beckham's Impact, Knights Ex-England's CaptainTinubu Mourns Uwais, Says Ex-CJN 'A Phenomenal Jurist'U.S. Remittance Tax Casts Shadow Over African EconomiesAkwa-Ibom Commissioner Defies Gov Umo Eno, Resigns, Says I Can't Join Gov In APCTrump Vs Musk: JD Vance Declares Support For US President Amid Online RowExclusive: Inside Details Of Sanwo-Olu’s Alleged Strained Ties With Tinubu
X whatsapp