Political Economist

Top Menu

  • Home
  • About us
  • Contact us

Main Menu

  • Local News
  • World News
  • Business & Economy
  • Sports
  • Commentaries
  • Home
  • About us
  • Contact us

logo



Political Economist

  • Local News
  • World News
  • Business & Economy
  • Sports
  • Commentaries
  • Mixed Martial Arts: Blachowicz beats Adesanya to retain UFC crown

  • ITF says charges of nepotism, marginalization of Muslims baseless

  • Osinbajo, Anyim, Obi, Muhammed-Bande, others discuss Patriotism, Security, National Development

  • LAGOS DISSOLVES BOARDS OF STATE SPORTS ASSOCIATIONS 

  • Power transmission hits peak of 5,615.40MW; no improvement in supply – consumers

Local News
Home›Local News›FAAC: FG, States, LGs share N619.3bn for December 2020

FAAC: FG, States, LGs share N619.3bn for December 2020

By Admin
January 21, 2021
36
0
January
The Federal Government, States and Local Government Councils (LGCs) have shared N619.343 billion as federation allocation for December, 2020.

Mr. Hassan Dodo, Director of Information, Ministry of Finance, Budget and National Planning announced this on Wednesday in Abuja.

Dodo said the allocation was released after a virtual conference of the Federation Accounts Allocation Committee (FAAC).

The committee, in its communique, noted that N619.343 shared included cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

It also said that the federal government received N218.297 billion, the states received N178.280 billion, while LGs got N131.792 billion.

It added that the oil producing states received N31.827 billion as derivation (13 per cent of Mineral Revenue) while Cost of Collection/Transfer and Refunds amounted to N59.147 billion.

According to the communique, the Gross Revenue available from the Value Added Tax (VAT) for December, 2020 was N171.358 billion.

This is N14.572 billion higher than N158.785 billion distributed in November 2020.

“The distribution is as follows; Federal Government got N23.904 billion, the States received N79.682 billion, Local Government Councils got N55.777 billion while Cost of Collection by FIRS and NCS is N6.854 billion and allocation to NEDC project amounted to N5.141 billion.

The distributed Statutory Revenue for December 2020 is N437.256 billion, higher than that of November by N799 million.

From this amount, the Federal government received N189.451 billon, States got N96.092 billion while LGs collected N74.083 billion.

N30.477 billion went into Derivation (13 per cent Mineral Revenue) and N47.152 billion went into Cost of Collection/Transfer and Refund.

The committee observed that Companies Income Tax (CIT) and Oil and Gas Royalty increased significantly while VAT recorded some considerable increase.

However, Import and Excise Duties decreased marginally while the Petroleum Profit Tax (PPT) declined substantially.

The total revenue distributable for the current month was augmented with N6.897 billion and N3.482 billion drawn from Forex Equalisation Account and Exchange Gain Difference.

The balance in the Excess Crude Account as at Jan. 20 stands at $72.411 million. (NAN)

TagsCITDPRFAACFIRSHassan DodoNCSNEDCPPTVAT
Previous Article

SCHOOL GAMES ESSENTIAL TO REVITALISE SPORTS IN ...

Next Article

Vice Principal nabbed for raping, impregnating 12-year-old ...

Related articles More from author

  • NEMA
    Local News

    Gov. Zulum nominated to serve as Chairman NGF for 2 years

    August 9, 2020
    By Admin
  • Marginal oilfields
    Business & Economy

    DPR shortlists 161 companies for final stage of 57 marginal oilfields bid round

    December 31, 2020
    By Admin
  • Local News

    SEC to infuse CMS into carrier subjects in basic, secondary schools in Nigeria

    May 7, 2019
    By Admin
  • Videos

    Budget 2020: FG estimates revenue of N8.155trn in 2020 from oil, non-oil tax, others

    October 9, 2019
    By Admin
  • Breaking NewsLocal News

    FG plans to amend 2020 budget oil benchmark to $20pb

    May 6, 2020
    By Admin
  • Local News

    MTN Nigeria asks tribunal to rule on tax treatment of $1 billion fine

    August 2, 2019
    By Admin

You may be interested

  • Local News

    New emirates will help improve security in the state – Kano majority House Leader

  • Local News

    Rita Dominic emerges Best Actress in AMVC A 2017 Awards, ‘76’ is overall Best Movie

  • Local News

    Naira Appreciates as CBN Plans to Pump More Dollar into FX Market

Fidelity Advert
  • LATEST REVIEWS

  • TOP REVIEWS

  • NDIC Pays N1.45bn to Over 16,000 Depositors of 34 Closed DMBs in 2017– Report

    0
  • Gboko killings: Police DPO under interrogation, others arrested —CP

  • NSE market indices drop by 1.64% after Christmas holidays

    0

    Timeline

    • March 7, 2021

      Killer Herdsmen: This is one killing too many – Gov. Fayemi says as he pays  condolence visit to families of slain farmers

    • March 7, 2021

      News of fire outbreak in Aso Rock not true – Presidency

    • March 7, 2021

      DSO: N9.4bn used to settle outstanding contractual agreements – NBC

    • March 7, 2021

      Fake IDPs: Gov. Zulum discovers 650 ‘ghost households’ in camp in midnight headcount

    • March 7, 2021

      The President felt normal, went about doing his job after vaccination – Presidency

    Latest Comments

    • Justopec
      on
      April 24, 2017
      Good one for the NPF.

      Police foil another suicide bomb attempt in Borno, kill three bombers

    • Justice Shedrack
      on
      April 24, 2017
      Nice

      Police foil another suicide bomb attempt in Borno, kill three bombers

    • Anonymouse
      on
      February 8, 2017
      This is nice...

      Qatar Airways makes history, completes first longest non-stop flight of 16 hours from Doha to New ...

    • Justice Shedrack
      on
      January 19, 2017
      Na wa ooooo

      Confusion in Gambia, Jammeh stays put, Barrow to be sworn in at Gambia embassy in Senegal

    • Taje
      on
      November 10, 2016
      It's true. Debrecen looks like africa and not europe. Too much "blackness"

      Exclusive: Nigeria Has Highest Number of International Students in Hungarian University, Says Ambassador Yunusa

    logo

    Political Economist is a liberal news magazine with global affiliations.

    We promote free enterprise and act as a catalyst for the growth of knowledge economy. We are proudly pan-Nigeria yet richly spiced with African and global news. We offer a fair and balanced news reportage presented by our team of well-heeled professional journalists...

    About us

    • 5 Olutosin Ajayi Street, By CPM Church, Ajao Estate, Lagos State, Nigeria
    • +234 805 680 1124
    • info@politicaleconomistng.com
    • Recent

    • Popular

    • Comments

    • Killer Herdsmen: This is one killing too many – Gov. Fayemi says as he pays  ...

      By Admin
      March 7, 2021
    • Herdsmen

      News of fire outbreak in Aso Rock not true – Presidency

      By Admin
      March 7, 2021
    • DSO

      DSO: N9.4bn used to settle outstanding contractual agreements – NBC 

      By Admin
      March 7, 2021
    • Fake IDPs: Gov. Zulum discovers 650 ‘ghost households’ in camp in midnight headcount

      By Admin
      March 7, 2021
    • Jonathan Sacks IGP Abba, Appoints Arase

      By Admin
      April 21, 2015
    • Zinox iPower Inverter Claws to Market Dominance

      By Admin
      November 24, 2014
    • Police foil another suicide bomb attempt in Borno, kill three bombers

      By Admin
      April 24, 2017
    • Your Kidney is Your Life, Watch Your Lifestyle, Counsels Dr. Amira

      By Admin
      February 27, 2015
    • Justopec
      on
      April 24, 2017

      Police foil another suicide bomb attempt in Borno, kill three bombers

      Good one for the ...
    • Justice Shedrack
      on
      April 24, 2017

      Police foil another suicide bomb attempt in Borno, kill three bombers

      Nice
    • Anonymouse
      on
      February 8, 2017

      Qatar Airways makes history, completes first longest non-stop flight of 16 hours from Doha to New ...

      This is nice...
    • Justice Shedrack
      on
      January 19, 2017

      Confusion in Gambia, Jammeh stays put, Barrow to be sworn in at Gambia embassy in Senegal

      Na wa ooooo

    Find us on Facebook

    Follow us

    • Home
    • About us
    • Contact us
    • Privacy Policy
    © Copyright Political Economist. All rights reserved.