Dayo Omoogun
The Federation Accounts Allocation Committee (FAAC), at its meeting Thursday through Virtual Conference shared to the three tiers of government,
a total sum of N619.343 billion as federation allocation for the month of December 2020 according to a press release made available by the Director, Press and Public Relations of the Federal Ministry of Finance, Mr. Hassan Dodo.
“From this amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N218.297 billion, the States received N178.280 billion, the Local Government councils got N131.792 billion while the oil-producing states received N31.827 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N59.147billion.
The press release quoted the communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting as indicating that the Gross Revenue available from the Value Added Tax (VAT) for December 2020 was N171.358 billion as against N158.785 billion distributed in the preceding month of November 2020, resulting in an increase of N14.572 billion. The distribution is as follows; Federal Government got N23.904 billion, the States received N79.682 billion, Local Government Councils got N55.777 billion, while Cost of Collection – FIRS and NCS got N6.854 billion and Allocation to NEDC project received N5.141 billion.
“The distributed Statutory Revenue of N437.256 billion received for the month was higher than the N436.457billion received for the previous month by N0.799 billion, from which the Federal government received N189.451 billion, States got N96.092 billion, LGCs got N74.083 billion, Derivation (13% Mineral Revenue) got N30.477 billion and Cost of Collection/ Transfer and Refund got N47.152billion.
“The communique also revealed that Companies Income Tax (CIT), and Oil and Gas Royalty increased significantly, while Value Added Tax (VAT) recorded some considerable increase. Import and Excise Duties decreased marginally, while the Petroleum Profit Tax (PPT) declined substantially.
“The communique however disclosed that total revenue distributable for the current month was augmented with the sum of N6.897 billion and N3.482 billion drawn from Forex Equalisation Account and Exchange Gain Difference respectively.
The statement also stated that the balance in the Excess Crude Account as at 20th January 2021 stands at $72.411 million.