FAAC shares N640bn to FG, States, LGs for January, breakdown out

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

The revenue include collections by Nigeria Customs Service (NCS) Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

The Director of Information, Ministry of Finance, Hassan Dodo, gave the breakdown in a communiqué issued after FAAC meeting on Thursday.

The sharing indicated that Federal Government received N226.998billion, States received N177.171billion, Local Government Councils got N131.399billion.

The Oil producing states received N26.777billion as derivation (13 per cent of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N75.966billion.

The Gross Revenue available from the Value Added Tax (VAT) for January was N157.351billion.

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

The distributed Statutory Revenue of N482.958billion received for January was higher than the N437.256billion received for December 2020.

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The communique said Companies Income Tax (CIT), Oil and Gas Royalty, VAT, and Excise Duty recorded marginal to significant decreases.

However, Import Duty increased marginally, while Petroleum Profit Tax (PPT) recorded a considerable increase.

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