May 17, 2022

FG, States, LGs share N699.824bn as VAT revenue increase by N5bn

FG, States, LGs share N699.824bn as VAT revenue increase by N5bn

The Federation Accounts Allocation Committee (FAAC) has shared a total of N699.824 Billion to the Federal Government, states, and local government areas.

The amount is the allocation for December 2021.

This was contained in a communique issued at the end of a virtual meeting of FAAC for January 2022, said Henshaw Ogubike, a spokesman for the office of the Accountant-General of the Federation (OAGF), in a statement on Friday.

“The N699.824 billion total distributable revenue comprised distributable statutory revenue of N507.267 billion, distributable Value Added Tax (VAT) revenue of N187.409 billion, and Exchange Gain of N5.148billion,’ said the statement.

“In December 2021, the total deductions for cost of collection were N30.003 billion and the total deductions for statutory transfers, refunds and savings were N36.643 billion. The balance in the Excess Crude Account (ECA) was $35.368 million.”

The communique confirmed that from the total distributable revenue of N699.824 billion, the Federal Government received N279.457billion, the state governments received N221.190 billion, and the local government areas received N163.879 billion, while the sum of N35.297 billion was shared to the relevant states as 13 per cent derivation revenue.

According to the statement, the distributable statutory revenue of N507.267 billion was available for the month, out of which Federal, states, and local governments received N248.885 billion, N126.238 billion, and N97.324 billion respectively. The sum of N34.820 billion was also shared with the relevant states as 13 percent derivation revenue.

“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.

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“The sum of N5.796 billion allocation to NEDC and N8.050 billion cost of the collection were deducted from the N201.255 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N187.409 billion,” the statement added.

“From the N187.409 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N28.111 billion, the state governments received N93.705 billion and 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 per cent derivation revenue.”

According to the communique, Companies Income Tax (CIT) and Value Added Tax (VAT) increased reasonably, Petroleum Profit Tax (PPT) and Oil and Gas Royalties decreased significantly while Import and Excise Duties decreased marginally, in December last year.

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