Oil producing states get N49b as LGs share N155b for December allocation
Oil-producing states got N49.003b as 13 per cent derivation from the sharing of monthly federal allocation for December, while the Federal Government received N279.457b, states got N210.046b and the 774 local councils were allocated N155.456b.
At the Federation Accounts Allocation Committee (FAAC) meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Aliyu Ahmed, the federating units shared N699.824b as allocation for December, 2021.
From this amount, inclusive cost of collection to Nigeria Customs Service (NCS), Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Inland Revenue Service (FIRS), the FG received N279.457b; the states received N210.046b; local councils got N155.456b, while the oil producing states received N49.003b as derivation.
The communiqué by the FAAC at the end of the meeting, indicated that the gross revenue available from the Value Added Tax (VAT) for December, 2021 was N201.255b as against N196.175b distributed in the preceding month of November, 2021, with an increase of N5.080b. The distribution was as follows: FG got N28.111b; states received N93.705b and local councils got N65. 593b.
The gross statutory revenue of N560.066b received for the month was lower than the N643.481b received in the previous month by N83.415b, from which the FG received N248.885b, states got N126.238b, local councils got N97.324b and 13 per cent derivation was N34.820b.
The communiqué also revealed that Companies Income Tax (CIT) and Value Added Tax (VAT) increased reasonably, while Petroleum Profit Tax (PPT) and Oil and Gas Royalties decreased significantly just as Import and Excise Duties decreased marginally.