FAAC Allocates N619bn To FG, States, LGs For December

The Federation Accounts Allocation Committee on Wednesday at its meeting through Virtual Conference shared to the three tiers of government, a total sum of N619.34bn as federation allocation for the month of December, 2020.

From this amount, inclusive cost of collection to revenue generating agencies, 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 derivation.

A communique issued by the Federation Account Allocation Committee at the end of the meeting, 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.

This resulted in 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 LGCs got N74.08bn.

The communique also revealed 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.

The balance in the Excess Crude Account as at 20th January, 2021 stands at $72.41m.