December 31, 2021/Coronation Research

The gross monthly distribution by the Federation Account Allocation Committee (FAAC) to the three tiers of government and public agencies amounted to N675.9bn in December (from November revenue).

This shows an increase of 0.6% or N4bn from the previous payout. Based on data in the local media, we learnt that companies’ income tax (CIT), petroleum profit tax (PPT), value added tax (VAT), oil and gas royalties, import and excise duties recorded increases over the previous month.

The FGN received a total of N261.4bn, state governments received N210.0bn, including N49.0bn representing the 13% derivation for the few oil producing states and LGCs received N155.5bn.

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