The Federation Accounts Allocation Committee (FAAC), today at its meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alh. Aliyu Ahmed, through virtual conference shared to the three tiers of government, a total sum of N699.824 billion as federation allocation for the month of December, 2021.
From this amount, inclusive cost of collection to NCS, NUPRC and FIRS, the Federal Government received N279.457 billion, the States received N210.046 billion, Local Government councils got N155.456 billion while the oil producing states received N49.003 billion as derivation (13% of Mineral Revenue).
The communiqué issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for December, 2021 was N201.255 billion as against N196.175 billion distributed in the preceding month of November, 2021, resulting in an increase of N5.080 billion. The distribution is as follows; Federal Government got N28.111 billion, the States received N93.705 billion, Local Government Councils got N65. 593billion.
The gross statutory revenue of N560.066 billion received for the month was lower than the N643.481 billion received in the previous month by N83.415 billion, from which the Federal government received N248.885 billon, States got N126.238 billion, LGCs got N97.324 billion, Derivation (13% Mineral Revenue) got N34.820 billion.
The communiqué also revealed that Companies Income Tax (CIT) and Value Added Tax (VAT) increased reasonably. Petroleum Profit Tax (PPT) and Oil and Gas Royalties decreased significantly while Import and Excise Duties decreased marginally.
The Distributable Statutory Revenue of N507.267 billion, VAT of N187.409 billion, Exchange Gain of N5.148 billion, bringing the total distributable revenue for the month to N699.824 billion.