Federal Govt, States, Councils Share N640.310 Billion

The Federal Government, States and councils has shared N640.310 billion, Brainnews can confirm.

The Federation Accounts Allocation Committee (FAAC) shared N640.310 billion to the three tiers of government for January.

The Federal Government received N226.998 billion, the states received N177.171 billion, while the councils got N131.399 billion.

Oil-producing states received N26.777 billion as derivation (13 per cent of mineral revenue).

Cost of Collection/Transfer and refunds gulped N75.966 billion.

Gross Revenue available from the Value Added Tax (VAT) for January was N157.351 billion as against N171.358 billion distributed in December, resulting in a decrease of N14.007 billion.

From VAT disbursements, the Federal Government got N21.950 billion, the states received N73.168 billion and local governments got N51.218 billion.

Cost of Collection to the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS) was N11.015 billion.