The Federation Accounts Allocation Committee (FAAC) has shared N640.310 billion to the three tiers of government for January.
The amount is much higher than the N619billion shared in December or the N601 billion in November 2020.
According to the communique released by the committee, the amount shared by the three tiers included cost of collection to different revenue agencies involved.
These are the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).
In accordance with the sharing formula, the Federal Government received N226.998 billion, the states received N177.171 billion and the LGAs got N131.399 billion.
Oil producing states received N26.777 billion as derivation (13 per cent of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N75.966 billion.
The communique revealed that the Value Added Tax (VAT) for January was N157.351 billion, lower than the N171.358 billion in December 2020.
“The distribution is as follows: Federal Government got N21.950 billion, the states received N73.168 billion, LGAs got N51.218 billion, while Cost of Collection – FIRS and NCS got N11.015 billion.
