FG, States, LGs share N400 billion

Posted by Mayowa Okekale, Abuja | 20 January 2017 | 2,871 times

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•Kemi Adeosun.

‎The Federation Accounts Allocation Committee (FAAC) has distributed the sum of N400 billion among the three tiers of government in January 2017, being the statutory allocations for the month of December 2016.

The distributable monthly allocation increased by N13 billion compared to the amount shared in November 2016, while the gross revenue for the month under review was higher by N8.595 billion compared to the previous allocation.

Addressing newsmen on Friday, shortly after the monthly FAAC meeting held at the Federal Ministry of Finance Headquarters in Abuja, the Minister of Finance Kemi Adeosun, said the gross statutory revenue of N248.717 billion received for the month was higher than the N240.120 billion received in the previous month by N8.595 billion.

Giving the breakdown of how the statutory revenue was shared among the three tiers of government for December, Adeosun said that the Federal Government got N105.762 billion, while states received N53.644 billion and local government areas received N41.357 billion. The sum of N15.504, being the 13 per cent derivation revenue, was also shared among the oil producing states.

The Minister said that the sum of N6.330 billion refunded to the Federation Account by the Nigerian National Petroleum Corporation (NNPC) was also distributed.

‎Adeosun noted that the balance in the Excess Crude Account stands at $2.457b

The distributed amount included the month’s statutory revenue of N224.883 billion, exchange gain of N52.846 billion and N42.998 billion from excess Petroleum Profit Tax (PPT) account were also proposed for distribution.‎

Source: News Express

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