FG, States and LGAs share N619.343bn for December, 2020

By AdvocateNews on 21/01/2021

Share on facebook Yahoo mail icon Gmail icon

Views: 961


The Federation Accounts Allocation Committee (FAAC) on Wednesday shared to the three tiers of government N619.343 billion as Federation allocation for December, 2020.

This amount includes cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS).

The Federal Government received N218.297 billion, the States N178.280 billion, the Local Government councils got N131.792 billion while the oil producing states received N31.827 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N59.147billion.

The communique by the Federation Account Allocation Committee (FAAC) at the end of the virtual meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for December, 2020 was N171.358 billion as against N158.785 billion distributed in the preceding month of November, 2020, resulting in an increase of N14.572 billion.

The distribution is as follows: Federal Government got N23.904 billion, the States received N79.682 billion, Local Government Councils got N55.777 billion, while Cost of Collection – FIRS and NCS got N6.854 billion and Allocation to North East Development Commission (NEDC) projects received N5.141 billion.

The distributed Statutory Revenue of N437.256 billion received for the month was higher than the N436.457billion received for the previous month by N0.799 billion, from which the Federal government received N189.451 billon, States got N96.092 billion, Local Government Councils got N74.083 billion, Derivation (13% Mineral Revenue) got N30.477 billion and Cost of Collection/Transfer and Refund got N47.152billion.

The communique stated that Companies Income Tax (CIT), and Oil and Gas Royalty increased significantly, while Value Added Tax (VAT) recorded some considerable increase. Import and Excise Duties decreased marginally, while Petroleum Profit Tax (PPT) declined substantially.

The communique however disclosed that total revenue distributable for the current month was augmented with the sum of N6.897 billion and N3.482 billion drawn from Forex Equalisation Account and Exchange Gain Difference respectively.

The balance in the Excess Crude Account as at 20th January, 2021 stands at $72.411 million.

Posted 21/01/2021 01:15:58 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
TRAGEDY: 21 Army recruits die in Jigawa road...

Another UNIJOS lecturer reportedly abducted by gunmen

Plateau killings: APC demands arrest, prosecution of perpetrators...

Swaziland PM dies after testing positive for Covid-19...

774,000 jobs: Keyamo will supervise recruitment – Labour...

Umahi asks Ebonyi residents to ignore IPOB’s Sit-At-Home...

SEEDS OF DESTINY 13 JULY 2021— KEY THOUGHTS...

Lai Mohammed collected N100m sent to me by...

IPOB orders attacks on South-East governors, Ohanaeze PG...

Soldiers rescue 10 abductees from Kaduna Airport Staff...

Woman sets newly-married co-wife ablaze

Hoodlums invade legislative sitting, attack councillors in Bayelsa...

 

Latest News Insecurity: Royal Navy Warship arrives in Lagos IPOB threatens a week sit-at-home from November 4 if Kanu is not released Police forced me to borrow N35,000 from online platform to pay bribe – Singer Herdsmen kidnap Enugu fashion designer, demand N2m ramsom Man puts himself up for sale for N20m in Kano Oronsaye report: FG budgets N900bn for agencies recommended for scrapping Gunmen attack police station in Ebonyi; 3 policemen feared dead Low passenger turnout as Abuja-Kaduna train service resumes operations We do not impose multiple taxes, levies on private schools ― Enugu Govt Sit-at-home: You won’t enslave Ndigbo for one week – Ohanaeze tells IPOB 36 Speakers to Buhari: Declare bandits terrorists EFCC arraigns Cecilia Osipitan for N6bn PHCN insurance benefit fraud

 

Most Read Ex-Heads of State will protect Jonathan from persecution —Kukah (191,686 views) Sickle cell support group seeks government intervention (191,683 views) Fleeing ex-DG Imo Broadcasting Corporation who stabbed wife to death arrested (191,682 views) FG sends new directive to banks, schools as Buhari extends lockdown by four weeks (191,682 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (191,680 views) Ebonyi bans embalming of corpses in homes (191,680 views) I’ve no Coronavirus, govt wants to kill me – Anambra Index case (191,679 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (191,547 views) HUSHPUPPI: CRIMINALS HAVE NO TRIBE. THEY SHAME ALL OF US... (187,147 views) ASUU strike: Senate intervention ends in deadlock (186,456 views) All you need to know about Peter Obi, PDP VP Candidate (148,841 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (147,141 views)

 

 

SECTIONS NEWS (7,001) FAITH (158) EDITORIAL (18) POLITICS (495) SOCIETY (132) SPORTS (53) BUSINESS (367) HEALTH (58) EDUCATION (50) ENTERTAINMENT (51) INTERNATIONAL (178) TECHNOLOGY (6) COLUMNISTS (57) LETTERS (4) OPINION (39)

 

 


There are no video entries posted yet.