FG, States, LGs Share N640.3bn For January

Minister of Finance, Mrs. Zainab Ahmed

The Federation Accounts Allocation Committee at its virtual meeting on Thursday shared N640.31bn as federation allocation for January 2021 to the three tiers of government.

From this amount, the Federal Government received N226.998bn, states received N177.171bn, while the local government councils got N131.399bn.

The oil-producing states received N26.777bn as derivation (13 per cent of mineral revenue) and cost of collection/transfer and refunds got N75.966bn.

The communique issued by FAAC at the end of the meeting indicated that the gross revenue available from the Value Added Tax for January 2021 was N157.351bn.

This was against the N171.358bn distributed in the preceding month of December 2020, resulting in a decrease of N14.007bn.

From the VAT, the Federal Government got N21.950bn, states received N73.168bn, Local Government councils got N51.218bn, while cost of collection-FIRS/NCS got N11.015bn.

The distributed statutory revenue of N482.958bn received for the month was higher than the N437.256bn received for the previous month by N45.703bn.

From this the Federal Government received N205.047bn, states got N104.003bn, Local Governments got N80.162bn, derivation (13 per cent mineral revenue) got N28.777bn and cost of collection/transfer and refund got N64.951bn.

The communique stated that Companies Income Tax, oil and gas royalty, VAT, and excise duty recorded marginal to significant decreases, while import duty increased only marginally, as Petroleum Profit Tax witnessed a considerable increase.

It stated that the balance in the Excess Crude Account as of February 18, 2021, stood at $72.412m.


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