Economy
FG, States, LGAs Share N640.3bn For January
- FAAC
You May Also Like
President Buhari Shares Good News To Nigerians
The Federation Accounts Allocation Committee (FAAC) has shared N640.310 billion to the three tiers of government for January.
Mr Hassan Dodo, the Director of Information, Ministry of Finance, Budget and National Planning, said this was made known in a communique issued at the end of virtual conference of FAAC on Thursday.
The committee in its communique explained that the amount shared by the Federal Government, States and Local Government Areas (LGAs) included cost of collection to different agencies involved.
It noted that N640.310 billion shared included cost of collection to Nigeria Customs Service (NCS) Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).
Read Also: NSE Moves 482.19m Shares Worth N5.58bn In Bearish Market
The committee also noted that the Federal Government received N226.998 billion, the states received N177.171 billion and the LGAs got N131.399 billion.
It added that the 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.
According to the communique, the Gross Revenue available from the Value Added Tax (VAT) for January was N157.351 billion.
It stated that this was against N171.358 billion distributed in the preceding month of December 2020, resulting in a decrease of N14.007 billion.
“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 billon, 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.”
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
