Govt’s Revenue Rose By N45.7bn To N482.9bn In January

The Federation Accounts Allocation Committee on Thursday at its meeting through Virtual Conference shared to the three tiers of government, a total sum of  N640.31bn as federation allocation for the month of January.

From this amount, inclusive of cost of collection to Nigeria Customs Service, Department of Petroluem Resources and Federal Inland Revenue Service, the Federal Government received N226.99bn, the States received N177.17bn, while the Local Government councils got N131.39bn.

Similarly, the oil producing states received N26.77bn as derivation from 13 of Mineral Revenue while cost of collection to revenue generating agencies was put at N75.96bn.

A communique issued by the Federation Account Allocation Committee at the end of the meeting, indicated that the Gross Revenue available from Value Added Tax for January, 2021 was N157.35bn as against N171.35bn in the preceding month of December, 2020.

This resulted in a decrease of N14bn.

The amount was distributed as follows; Federal Government got N21.95bn, States received N73.16bn, Local Government Councils got N51.21bn, while Cost of Collection to FIRS and NCS was N11.01bn. 

The distributed Statutory Revenue of  N482.95bn received for the month was higher than the N437.26bn earned in the previous month by N45.70bn.

From this amount, the Federal government received N205.04bn, States got N104bn, LGCs got N80.16bn, Derivation N28.77bn and cost of collection was N64.95bn.

The communique also revealed that Companies Income Tax, Oil and Gas Royalty, Value Added Tax, and Excise Duty recorded significant decreases, while Import Duty increased only marginally.

The balance in the Excess Crude Account as of 18th February, 2021 stands at $72.41m.