FG, States, LGs share N655bn

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The federal and the other tiers of government on Tuesday shared a total of N655.177 billion as revenue that accrued to the Federation Account and proceeds of the Value Added Tax in December, last year.

The money was shared at Federation Account Allocation Committee (FAAC) meeting in Abuja yesterday. Addressing journalists at the end of the meeting, the Minister of Finance, Mrs. Kemi Adeosun, said that N540.446 billion.

The federal government got N252.543 billion, states, N128.093 billion, local governments got N98.755 billion while N47.738 billion was shelled out as 13 per cent derivation to oil producing states.

Also another N80.604 billion was from proceeds of Value Added Tax (VAT), with the federal government receiving N13.091 billion, state governments, N40.302 billion and local governments N28.211 billion.

The statutory allocation of N540.446 billion, excluding VAT, received for the month was lower than the N549.533 billion received in the previous month by N9.087 billion.

The minister, according to the newsmen, explained that the decrease in crude oil exports by 0.59 million barrels resulted in decreased revenues from export sales of $11.65 million.

Adeosun disclosed that the accruals into the Excess Crude Account (ECA) still stood at $2.317 billion.

In his remarks after the meeting, the chairman of Finance Commissioners’ Forum, Alhaji Mahmoud Yunusa, said states were cutting costs in line with economic realities.