FG, States, LGs Share N640bn for January (See Breakdown)


The Federation Accounts Allocation Committee (FAAC) has made public a breakdown of what states got from the federation acount in January. FAAC said it shared N640.310billion to the three tiers of government for January. 

The fund included revenue collections by Nigeria Customs Service (NCS) Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS). 

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

The Federal Government received N226.998billion, States received N177.171billion, Local Government Councils got N131.399billion. Oil producing states received N26.777billion as derivation (13 per cent of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N75.966billion. 

The Gross Revenue available from the Value Added Tax (VAT) for January was N157.351billion. This was against N171.358billion distributed in the preceding month of December 2020, resulting in a decrease of N14.007billion. The distributed Statutory Revenue of N482.958billion received for January was higher than the N437.256billion received for December 2020. 

The communique said Companies Income Tax (CIT), Oil and Gas Royalty, VAT, and Excise Duty recorded marginal to significant decreases. However, Import Duty increased marginally, while Petroleum Profit Tax (PPT) recorded a considerable increase.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Share post:


More like this

7 Remarkable Highlights From ‘Level Up’ Season

  The Big Brother Naija season 7 reality show...

President Buhari To Honour Abba Kyari, 2baba, Okonjo-Iweala, Others

  Nigeria's number one man, President Muhammadu Buhari, is...

Kwara Fire Service Recovers Two Corpses As Heavy Downpour Wrecks Havoc In Ilorin

  Two corpses have been recovered by the Kwara...