FG, States, LGs Share N400bn Dec Revenue

FG, States, LGs Share N400bn Dec RevenueFG, States, LGs Share N400bn Dec Revenue

All three tiers of government in the country have shared a total of N400 billion, being revenue generated in the month of December 2016.

This was contained in a statement issued Director of Information at the Federal Ministry of Finance, Mr. Salisu Na’inna Dambatta.

The amount is higher than the N386.879 billion generated in November 2016 and shared in December, 2016.

The Federal Government was allocated N105.762 billion (52.68%), as against N97.897 received for November 2016.

The states received N53.644 billion (26.72%), as against N49.655 billion received for November 2016, while the Local Government Councils took N41.357 billion (20.60%), as against N38.282 billion they received for November 2016.

The Oil Producing States, on the other hand, received N15.504 billion as 13 per cent derivation revenue as against N13.613 billion received in the previous month.

The statement said, “Gross statutory revenue of N248.715 billion was available for the month of December 2016.

“This was N8.595 billion higher than the N240.120 billion available as gross revenue in November 2016.

It said the amount available from the Value Added Tax (VAT) for the month was N79.273 billion, as against N75.579 billion distributed in the preceding month, resulting in an increase of N3.694billion.

It said the sum of N6.330 billion was received from the NNPC as a refund.

It added, “A communiqué by the Federation Account Allocation Committee (FAAC) showed that of the Net Statutory Revenue of N216.266 billion for December 2016.

“The communiqué explained that during the period under review, there was revenue decline of $65.40 million in federation export sales due to a drop in crude oil export volume of 1,390 million barrels, although the average price of Crude Oil increased from $47.08 to $47.30 per barrel.

“The federation revenue was further negatively affected by several shut-ins and shut-downs of pipelines for repairs and maintenance due to leakages and sabotage, in addition to the Force Majeure declared at Forcados, Qua Iboe and Brass Terminals.”