FAAC Shares ₦699.824bn Among Federal, States & LGs

• …Companies Income Tax (CIT) and Value Added Tax (VAT) increased reasonably

EKO HOT BLOG reports that the Federation Accounts Allocation Committee (FAAC) has shared a total of ₦699.824 billion to the Federal Government, states, and local government areas.

The amount is the allocation for December 2021.

This was contained in a communique issued at the end of a virtual meeting of FAAC for January 2022, said Henshaw Ogubike, a spokesman for the office of the Accountant-General of the Federation (OAGF), in a statement on Friday.

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“The ₦699.824 billion total distributable revenue comprised distributable statutory revenue of ₦507.267 billion, distributable Value Added Tax (VAT) revenue of ₦187.409 billion, and Exchange Gain of ₦5.148billion,’ said the statement.

“In December 2021, the total deductions for cost of collection were ₦30.003 billion and the total deductions for statutory transfers, refunds and savings were ₦36.643 billion. The balance in the Excess Crude Account (ECA) was $35.368 million.”

The communique confirmed that from the total distributable revenue of ₦699.824 billion, the Federal Government received ₦279.457billion, the state governments received ₦221.190 billion, and the local government areas received ₦163.879 billion, while the sum of ₦35.297 billion was shared to the relevant states as 13 per cent derivation revenue.

According to the statement, the distributable statutory revenue of ₦507.267 billion was available for the month, out of which Federal, states, and local governments received ₦248.885 billion, ₦126.238 billion, and ₦97.324 billion respectively. The sum of ₦34.820 billion was also shared with the relevant states as 13 percent derivation revenue.

“In the month of December 2021, the gross revenue available from the Value Added Tax (VAT) was ₦201.255 billion. This was higher than the ₦196.175 billion available in the month of November 2021 by ₦5.080 billion.

“The sum of ₦5.796 billion allocation to NEDC and ₦8.050 billion cost of the collection were deducted from the ₦201.255 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of ₦187.409 billion,” the statement added.

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“From the ₦187.409 billion distributable Value Added Tax (VAT) revenue, the Federal Government received ₦28.111 billion, the state governments received ₦93.705 billion and the local government councils received ₦65.593 billion.

“The Federal Government received ₦2.461 billion from the total Exchange Gain revenue of ₦5.148 billion, the state governments received ₦1.248 billion, the local government councils received ₦0.962 billion, and ₦0.477 billion was shared to the relevant states as 13 per cent derivation revenue.”

According to the communique, Companies Income Tax (CIT) and Value Added Tax (VAT) increased reasonably, Petroleum Profit Tax (PPT) and Oil and Gas Royalties decreased significantly while Import and Excise Duties decreased marginally, in December last year.

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