The Federation Accounts Allocation Committee (FAAC) has shared N640.310billion to the three tiers of presidency for January.

The fund included income collections by Nigeria Customs Service (NCS) Division of Petroleum Sources (DPR) and the Federal Inland Income Service (FIRS).

Hassan Dodo, the Director of Info, Ministry of Finance, gave the breakdown in a communique issued after FAAC assembly on Thursday.

The Federal Authorities acquired N226.998billion, States acquired N177.171billion, Native Authorities Councils acquired N131.399billion.

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Oil producing states acquired N26.777billion as derivation (13 per cent of Mineral Income) and Value of Assortment/Switch and Refunds acquired N75.966billion.

The Gross Income accessible from the Worth Added Tax (VAT) for January was N157.351billion.

This was in opposition to N171.358billion distributed within the previous month of December 2020, leading to a lower of N14.007billion.

The distributed Statutory Income of N482.958billion acquired for January was increased than the N437.256billion acquired for December 2020.

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The communique stated Corporations Revenue Tax (CIT), Oil and Gasoline Royalty, VAT, and Excise Obligation recorded marginal to important decreases.

Nonetheless, Import Obligation elevated marginally, whereas Petroleum Revenue Tax (PPT) recorded a substantial improve.

FG, States, LGs share N640bn for January [Breakdown]


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