Nigeria has recorded a revenue shortfall in Value Added Tax (VAT) amounting to N14.007 billion in the month of January, 2021.
According to statistics contained in a communique released by the Federation Accounts Allocation Committee (FAAC), the Gross Revenue available from the Value Added Tax (VAT) for January, 2021 was N157.351 billion as against N171.358 billion distributed in the preceding month of December, 2020, resulting in a decrease of N14..007 billion.
However, FAAC shared to the three tiers of government, a total sum of N640.310 billion as federation allocation for the month of January, 2021 during the monthly meeting held virtually, in Abuja.
From this amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N226.998 billion, the States received N177.171 billion, the Local Government councils got N131.399 billion while the oil producing states received N26.777 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N75.966 billion.
From the Gross Revenue available from the Value Added Tax (VAT) for January, 2021 amounting to N157.351 billion, the distribution is as follows; Federal Government got N21.950 billion, the States received N73.168 billion, Local Government Councils got N51.218 billion, while Cost of Collection – FIRS and NCS got N11.015 billion.
The distributed Statutory Revenue of N482.958 billion received for the month was higher than the N437.256 billion received for the previous month by N45.703 billion, from which the Federal government received N205.047 billon, States got N104.003 billion, LGCs got N80.162 billion, Derivation (13% Mineral Revenue) got N28.777 billion and Cost of Collection/ Transfer and Refund got N64.951 billion.
The communique also revealed that Companies Income Tax (CIT), and Oil and Gas Royalty, Value Added Tax (VAT), and Excise Duty recorded marginal to significant decreases, while Import Duty increased only marginally and Petroleum Profit Tax (PPT) recorded considerable increase.
The balance in the Excess Crude Account as at 18th February, 2021 stands at $72.412 million, according to a statement by the Director (Information), in the Federal Ministry of Finance, Hassan Dodo.
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