Home BUSINESS BANKING & FINANCE Federal, State, Local Governments Share N465.149 Billion For January

Federal, State, Local Governments Share N465.149 Billion For January

Kemi Adeosun 1

The Federation Account Allocation Committee (FAAC) has shared the sum of N465.149 billion among the Federal, State and Local Government Councils as allocation for the Month of January.

The Permanent Secretary in the Federal Ministry of Finance, Alhaji Mahmoud Isa-Dutse who briefed news men today, Tuesday, shortly after the meeting of FAAC, said that the gross statutory revenue of N324.990 billion received for the month was higher than the N248.635 billion received in the previous month by N76.275 billion.

According to him, there was revenue increase of $74.91 million in federal export sales due to a rise in Crude Oil export volume by $1.490 million barrels and an increase in the average price of Crude Oil from $74.30 to $49.57 per barrel during the period under review.

Mahmoud Isa-Dutse said that the net statutory Allocation is N273.452 from which the Federal government got N133.192 billion, States received N67.557 billion, Local Government Councils received N52.083 billion and N20.620 as 13 percent derivation for oil producing states.

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He said that the gross revenue available from the Value Added Tax (VAT) was N73.522 billion as against N79.273 billion that was distributed in the preceding month resulting in a decrease of N5.751 billion.

“In the VAT distribution, Federal government received N10.587 billion, State government received N35.291 billion and Local government received N24.703 billion.The distributable Statutory Revenue for the month was placed at N282.406 billion, while the sum of N6.330 billion was refunded by the NNPC to the Federal government.”

Mahmoud Isa-Dutse said that there is a proposed distribution of N60.850 billion from the Excess PPT Account and that exchange gain of N48.371 billion is proposed for distribution.

He said that the Excess Crude Account is $2.458 billion, adding that the total revenue distributable for the current month including VAT is N465.149 billion. [myad]

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