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FG, States, LGs Share N619.34bn As Federation Allocation For December

Nigeria’s Federation Accounts Allocation Committee (FAAC) shared a total sum of N619.34 billion as federation allocation for the month of December 2020 to the three tiers of government.

The committee made the allocation at its virtual meeting on Wednesday.

A statement issued in Abuja by the spokesperson of the Federal Ministry of Finance, Budget and National Planning, Hassan Dodo, said from the allocation, the Federal Government received N218.297bn; states received N178.28bn; Local Government councils got N131.792bn; while the oil-producing states received N31.827bn as 13 per cent derivation of mineral revenue.

Dodo also stated that the cost of collection/transfer and refunds was N59.147bn.

The communique issued by the committee at the end of the meeting indicated that the gross revenue available from the Value Added Tax for December 2020 was N171.358bn as against N158.785bn distributed in the preceding month of November 2020, resulting in an increase of N14.572bn.

It said the Federal Government got N23.904bn, states received N79.682bn, Local Government councils got N55.777bn, while cost of collection – FIRS and NCS got N6.854bn and allocation to NEDC project received N5.141bn.

The distributed statutory revenue of N437.256bn received for the month was higher than the N436.457bn received for the previous month by N0.799bn.

From this, the Federal Government received N189.451bn, states got N96.092bn, Local Government councils got N74.083bn, the 13 per cent derivation from mineral revenue got N30.477bn and cost of collection/ transfer and refund got N47.152bn.

The communique added that Companies Income Tax, and oil and gas royalty increased significantly, while VAT recorded some considerable increase.

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