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The Federation Accounts Allocation Committee (FAAC) has 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. 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.

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