The Federation Accounts Allocation Committee (FAAC) has shared N640.310 billion to the three tiers of government for January.
The amount is much higher than the N619billion shared in December or N601 billion in November 2020.
According to the communique released by the committee, the amount shared by the three tiers included the cost of collection to different revenue agencies involved.
These are the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).
In accordance with the sharing formula, the Federal Government received N226.998 billion, the states received N177.171 billion and the LGAs got N131.399 billion.
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.
The communique revealed that the Value Added Tax (VAT) for January was N157.351 billion, lower than the N171.358 billion in December 2020.
“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 billion, 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 decreases.
Import Duty was an exception as it increased marginally.
Petroleum Profit Tax (PPT) also recorded a considerable increase.
The balance in the Excess Crude Account as of Feb. 18 was 72.412 million dollars.
Source: PMNEWS
