The federal and the other tiers of government, Tuesday shared a total of N655.177 billion as revenue that acrues 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.
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Addressing journalists at the end of the meeting, the Ministe of Finance, Mrs Kemi Adeosun said that N540.446 billion. The federal government got N252.543 billion, states, N128.093, local governments got N98.755 billion while N47.738 billion shelled out as 13% derivation to oil producing states. 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. Statutory of N540.446 billion received for the month was lower than the N549.533 billion received in the previous month by N9.087 billion.
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The minister explained that the decrease in crude oil export sales by 0.59 million barrels resulted in decreased revenues from export sales of $11.65 million. Mrs. Adeosun disclosed that the accruals into the Excess Crude Account still stands at $2.317 billion. In his remarks after the meeting,
The Chairman of Finance Commissions Forum Alhaji Mahmoud Yunusa said that States were cutting cost in line with economic realities FG, State
Source: The Vanguard
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