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SUBSIDY SAVINGS: Details of how FG, States, LGs shared N731,133 billion for the month of March 2013

By News Express on 07/05/2013

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The three tiers of Government in Nigeria have shared a total of N731,133 billion as Federal Allocation for the month of March 2013.

A communiqué issued by the Technical Sub-Committee of the Federal Account Allocation Committee (FAAC) shows that the distributable revenue for the month was N500,460 billion. 

“There was an augmentation of N123,308 billion which brought the total statutory allocation for the month to N623,768 billion,” the communiqué said.

Also distributed for the month was N7,617 billion refunded by the Nigerian National Petroleum Corporation (NNPC) and N35,549 billion from the Subsidy Reinvestment and Empowerment Programme (SURE-P).

According to the communiqué, the Gross Revenue of N595,708 billion was received for the month. This was higher than the N571, 676 billion received in the previous month by N24, 023 billion due partly to the receipt of arrears of sales of crude oil and gas.

The communiqué reported that within the period, there was a decrease in crude oil production and lifting operations due to the force majeure declared at Qua Iboe and Brass terminals and maintenance work at Okono, Brass and Amenam terminals.

For the month of March 2013, the gross revenue from Value Added Tax (VAT) witnessed an increase of N1,492 billion, the communiqué further revealed. It said that the sum of N64,199 billion was available as against N62,707 billion distributed in the preceding month.

A breakdown of the distribution showed that for the month of March, the Federal Government got N232,529 billion (52.68%) as against N209,856 billion received for the month of February. The State Governments shared a total of N117,942 billion (26.72%) as against N106,442 billion received for the previous month. The Local Governments shared N90, 928 billion (20.60%) against N82,062 billion received for February.

The oil producing states shared the sum of N55,008 billion as 13% derivation revenue for the month of March as against N47,484 billion collected for February 2013.

Please see our Photo Gallery on our home page for the full details, in figures, of the subsidy savings and what was given to the Federal Government, each State Government and every Local Government in the country.

Source News Express

Posted 07/05/2013 11:55 AM

 

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