FG, States, Local Governments Share 699.824 billion, VAT revenue grows by 5 billion.

Written by on January 22, 2022

The Federation Accounts Allocation Committee (FAAC) has shared a total of 699.824 Billion naira to the Federal Government, states, and local government areas for the month of December 2021.

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

The 699.824-billion-naira total distributable revenue comprised distributable statutory revenue of 507.267-billion-naira distributable Value Added Tax (VAT) revenue of 187.409 billion naira and Exchange Gain of 5.148billion naira.

The communique confirmed that from the total distributable revenue of 699.824 billion naira, the Federal Government received 279.457billion naira the state governments received 221.190 billion naira and the local government areas received 163.879 billion naira while the sum of 35.297 billion naira was shared to the relevant states as 13 per cent derivation revenue.

According to the statement, the distributable statutory revenue of 507.267 billion naira was available for the month, out of which Federal, states, and local governments received 248.885 billion naira 126.238 billion naira and 97.324 billion naira respectively. The sum of 34.820 billion naira was also shared with the relevant states as 13 percent 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.

Seun Fakorede

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