FAAC shares 699 b to FG, States, LGs - NEWS FRONTIER DAILY

    • Breaking

    Friday, January 21, 2022

    Home Economy FAAC shares 699 b to FG, States, LGs

    FAAC shares 699 b to FG, States, LGs

    By Our Correspondent




    The Federation Accounts Allocation Committee (FAAC) has shared a total of N699.824 Billion to the Federal, States and Local Governments.   

    According to the communique issued at the end of the virtual FAAC meeting, yesterday, the funds represented December 2021 Federation Account Revenue. 

    The N699.824billion total distributable revenue comprised statutory revenue of N507.267billion; distributable Value Added Tax (VAT) revenue of  N187.409 billion and Exchange Gain of N5.148billion.   


    In December 2021, the total deductions for cost of collection was N30.003 billion and  the total deductions for statutory transfers, refunds and savings was N36.643 billion.

    The Federal Government received N279.457billion, the State Governments received N221.190 billion, while the Local Government Councils received N163.879 billion.

     The sum of N35.297 billion was shared to the relevant States as 13% derivation revenue. 
      

    The detailed breakdown showed that the distributable statutory revenue of N507.267 billion was available for the month.

     From this, the Federal Government received N248.885 billion, the State Governments received N126.238 billion and the Local Government Councils received N97.324 billion.

     In the month of December 2021, the gross revenue available from the Value Added Tax (VAT) was N201.255 billion. This was higher than the N196.175 billion available in the month of November 2021 by N5.080 billion.  


    The sum of N5.796 billion allocation to North East Development Commissionand N8.050 billion cost of collection were deducted from the N201.255 billion gross VAT revenue, resulting in the distribution of N187.409 billion.  

    The Federal Government received N28.111 billion, the State Governments received N93.705 billion, while the Local Government Councils received N65.593 billion. 


    The Federal Government received N2.461 billion from the total Exchange Gain revenue of N5.148 billion. 

    The State Governments received N1.248 billion, the Local Government Councils received N0.962 billion and N0.477 billion was shared to the relevant States as 13% derivation revenue.   


    According to the Communiqué, in the month of December 2021, Companies Income Tax (CIT) and Value Added Tax (VAT) increased reasonably. 

    However, Petroleum Profit Tax (PPT) and Oil and Gas Royalties decreased significantly, while Import and Excise Duties decreased marginally.

    Tags
    Share This
    Author Image

    About NEWS FRONTIER DAILY

    By at
    Labels:

    No comments:

    Post a Comment

    Subscribe to: Post Comments (Atom)

    Author Details

    NEWSFRONTIER is a product of a dedicated and seasoned Journalist who has cut his teeth in the Media industry. The Publisher was once a teacher, and a public commentator. He was well grounded in community journalism. He had edited many Newspapers both local and international. The focus of NEWSFRONTIER is to inform, educate, entertain and above all be source of credible news source for the opinion moulders and the general public. We are assuring all our readers/audience that we are going to be objective, concise, and be guided by our conscience by looking at every information and data from all angles. Journalism is evolving daily, we will move with time, but not be swayed with tide.