Federal Government, states, Local Councils share N619.343bn for December 2020 ─Official

*The Federal Ministry of Finance, Budget and National Planning discloses the cost of collection/transfer and refunds gulped N59.147billion  

Emmanuel Akosile | ConsumerConnect

The Federal Government of Nigeria, 36 states, Federal Capital Territory (FCT), and 774 local government councils shared the sum of N619.343 billion as Federation allocation for December 2020.

The sum shared in December was N8.2 billion higher than the N601.110 billion shared in November.

Hassan Dodo, Spokesperson of the Federal Ministry of Finance, Budget and National Planning, revealed this in a communiqué at the end of the Federation Accounts Allocation Committee (FAAC) virtual meeting in Abuja, FCT, Wednesday.

Giving a breakdown of the sum, the Spokesman stated the Federal Government received N218.297bn, states got N178.28bn, local government councils went home with N131.792bn, while the oil-producing states received N31.827bn as 13 percent derivation of mineral revenue.

The cost of collection/transfer and refunds gulped N59.147bn, he said.

The gross revenue from the Value Added Tax (VAT) for December was N171.358 billion as against the N158.785billion distributed in November, indicating an increase of N14.572 billion.

“The distributions are as follow: Federal Government got N23.904bn, states received N79.682bn, local government councils got N55.777bn, while cost of the collection – Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS) got N6.854bn and allocation to NEDC project received N5.141bn,” stated the communiqué.

It further noted that the distributed statutory revenue of N437.256bn received for the month was higher than the N436.457bn received for the previous month by N0.799bn.

According to him, the Federal Government also received N189.451bn, states got N96.092bn, local government councils got N74.083bn, the oil-producing states got N30.477bn as 13 percent of derivation for mineral revenue and the cost of collection/ transfer and refund got N47.152bn.

“Companies Income Tax, and oil and gas royalty increased significantly, while VAT recorded some considerable increase,” said the communiqué.

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