FAAC shares N619.343Billion between FG, States and LGAs

The Federation Accounts Allocation Committee (FAAC), yesterday at its meeting shared to the three tiers of government, a total sum of N619.343billion as federation allocation for the month of December, 2020, a statement that was issued by the Ministry of Finance has shown.

From this amount, inclusive cost of collection to Nigerian Customs Service (NCS), Department of Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS), the federal government received N218.297billion, the states received N178.280billion, the local government councils got N131.792billion while the oil producing states received N31.827 billion as derivation (13 per cent of mineral revenue) and Cost of Collection/Transfer and Refunds got N59.147billion.

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

The distribution is as follows; federal government got N23.904billion, the states received N79.682billion, 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) project received N5.141 billion.