Business - News - February 19, 2021

Nigerian govt., states, LGCs share N640.310bn allocation for January 2021

Balance in Excess Crude Account stands at $72.412m as at February 18, 2021 .

The Federal and 36 state governments and the Federal Capital Territory as well as the 774 local government council on Thursday shared N640.310 billion as federation allocation for January 2021.
The Accountant General of the Federation, Ahmed Idris, disclosed this at the end of the virtual conference of the Federation Accounts Allocation Committee (FAAC) held in Abuja to shared statutory allocations to the three tiers of government and FCT.
A statement from the FAAC Secretariat signed by the Accountant General of the Federation, Ahmed Idris, said statutory revenue allocation for the month distributed to the three tiers of government was about N482.958 billion.
The figure received for the month was higher than the N437.256 billion received for the previous month by N45.703 billion.
The statutory allocation included cost of collection to the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS).
The communique also revealed that Companies Income Tax (CIT), and Oil and Gas Royalty, Value Added Tax (VAT), and Excise Duty all recorded marginal to significant decreases, while Import Duty increased only marginally and Petroleum Profit Tax (PPT) recorded considerable increase.
The gross revenue available for distribution was about N358 billion, including N157.351 billion for Value Added Tax (VAT) for the month against N171billion distributed in December, 2020, resulting in a decrease of N14.007 billion.
The distribution showed the Federal government received N205.047 billon, States got N104.003 billion, LGCs got N80.162 billion, Derivation (13% Mineral Revenue) got N28.777 billion and Cost of Collection/ Transfer and Refund got N64.951 billion.
A breakdown of the allocations showed the Federal Government received N226.998 billion, the States N177.171 billion, the Local Government councils N131.399 billion, while the oil producing states got N26.777 billion as derivation as 13% of Mineral Revenue. Cost of Collection/Transfer and Refunds took about N75.966 billion.
Federal Government got N21.950 billion, the States N73.168 billion, Local Government Councils N51.218 billion, while Cost of Collection for FIRS and NCS was N11.015 billion.
The balance in the Excess Crude Account as at February 18, 2021 stands at $72.412 million.

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