GOVERANCE

FAAC: States, LGs Share N699.824bn For December 2021

 

The Federal Government, States and Local Governments have shared the sum of N699.824 billion as federation allocation for the month of December 2021 compared to N675.9 billion for November.

This was disclosed in a statement by Mr Oshundun Olajide, Acting Director, Information, Ministry of Finance, Budget and National Planning, citing that the amount was shared at the Federation Accounts Allocation Committee (FAAC).

According to NAN, it was revealed that oil-producing states received N49.003 billion as derivation (13 per cent of Mineral Revenue).

The Ministry stated that from this amount, inclusive of cost of collection to Nigeria Customs Service (NCS), NUPRC and Federal Inland Revenue Service (FIRS), the Federal Government received N279.457 billion, the States N210.046 billion, while LGCs got N155.456 billion.

The oil-producing states received N49.003 billion as derivation (13 per cent of Mineral Revenue).

According to the communiqué issued by FAAC at the end of the meeting, gross revenue available from Value Added Tax (VAT) for Dec. 2021 was N201.255 billion as against N196.175 billion distributed in November, an increase of N5.080 billion.

It added that under VAT, Federal Government received N28.111 billion, States N93.705 billion and LGCs N65.593billion, citing that the gross statutory revenue of N560.066 billion received for the month was lower than the N643.481 billion received in the previous month by N83.415 billion.

“From this, the Federal Government received N248.885 billion, States N126.238 billion, LGCs N97.324 billion and derivation (13 per cent mineral revenue) got N34.820 billion,” it stated.

It also revealed that Company Income Tax (CIT) and VAT increased reasonably, Petroleum Profit Tax (PPT) and oil and gas royalties decreased significantly while import and excise duties decreased marginally. The distributable statutory revenue of N507.267 billion, VAT of N187.409 billion, Exchange Gain of N5.148 billion, brings the total distributable revenue for the month to N699.824 billion.

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