The Federal Government, 36 States, and 774 Local Governments collected N619.34 billion from the Federation Account Allocation Committee (FAAC) allocations in January 2021.
In its FAAC January 2021 Report obtained by The Daily, https://thedaily-ng.com, the National Bureau of Statistics, NBS, stated that the amount distributed consist of N437.26 billion from the Statutory Account, N3.83 billion as Exchange Gain Difference, N6.90 billion from Distribution of FOREX Equalisation, and N171.36 billion from Valued Added Tax
(VAT).
It also stated that the federal government collected N218.30 billion from the N619.34 billion allocated while the 36 States collected N178.30 billion and 774 Local governments collected N131.79 billion.
Specifically, it stated: “The Federation Account Allocation Committee (FAAC) disbursed the sum of N619.34 billion to the three tiers of government in January 2021 from the revenue generated in December 2020. The amount disbursed comprised of N437.26 billion from the Statutory Account, N3.83 billion as Exchange Gain Difference, N6.90 billion from Distribution of FOREX Equalisation, and N171.36 billion from Valued Added Tax
(VAT).
“Federal Government received a total of N218.30 billion from the N619.34 billion. States received a total of N178.30 billion and Local Governments received N131.79 billion. The sum of N31.83 billion was shared among the oil-producing states as a 13 percent derivation fund.
“Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service
(FIRS) and Department of Petroleum Resources (DPR) received N6.99 billion, N10.43 billion, and N6.36 billion
respectively as cost of revenue collections.”
It added: “Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN)
revealed that the sum of N146.33 billion was disbursed to the FGN consolidated revenue account; N3.69 billion
shared as a share of derivation and ecology; N1.85 billion as stabilization fund; N6.20 billion for the development of natural resources; and N5.22 billion to the Federal Capital Territory (FCT) Abuja.”
