FAAC: FG, States, LGAs Share N400bn In January

The three tiers of government, comprising the Federal Government, states and local councils shared the sum of N400 billion as federal allocation in the month of January 2017. This amount accrued to the three tiers of government increased by N13.121 billion from the N3386.879 billion shared in December, 2016
Briefing newsmen at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja, the Finance Minister, Mrs Kemi Adeosun, noted that the sum of N248.715 billion Gross statutory revenue received, is higher by N8.595 billion when compared with the N240.120 billion received in the month of December, 2016.
The shared amount, according to the Finance Minister, comprised the Month’s Statutory distributable revenue of N224.883 billion, Value Added Tax of N79.273 billion, Exchange gain of N52. 842 billion and Excess PPT Account of N42.998 billion, as well as a N6.330 billion refund to the Federal Government by Nigerian National Petroleum Corporation (NNPC).
“From the Net Statutory revenue, Federal Government received N105.762 billion (52.68%); States received N53.644 billion (26.72%); Local Government Councils received N41.357 billion (20.60%); while the Oil Producing States received N15.504 billion as 13% derivation revenue.
“Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N11.415 (15%); States received N38.051 billion (50%) while the Local Government Councils received N26.636 (35%)” she said.
Mrs Adeosun explained that there was a revenue decline of $65.40 million in Federation export sales due to a drop in the volume of Crude oil export of 1.390 million barrels, while crude oil sales increased from $47.08 to $47.30 per barrel during the period under review. She hinged the decline in oil revenue to activities of vandals operating in the Nigeria Delta, as well as due to leakages and sabotage which impacted negatively on production.