FAAC Allocation Dips By N103.950bn, As FG, States, LGs Share N369.882bn In November
The amount distributable to the three tiers of Government in November, by the Federal Accounts Allocations Committee (FAAC) dropped by a whooping N103.950 billion, the Minister of Finance, Mrs. Kemi Adeosun has said.
The N369.882 billon shared in November is significantly lower than the N473.832 billion distributed to all,the levels of government in October.
The Minister who disclosed this to journalists after the Federal Accounts Allocations Committee (FAAC) meeting in Abuja said the dip was occasioned by "on-going maintenance and the Shut down and Shut-in of production for repairs at different Terminals during the month continued to impact Crude Oil and Gas revenue negatively.
"Also, there was revenue loss of $19.43 million as a result of reduction in Federation Export," she added.
A breakdown of the amount distributed showes that Statutory Revenue of N290.420 billion was distributed among the three levels of government.
The Federal Government got N139.501 billion, State governments went home with N70.757 billion while the Local Governments took home N54.551 billion. That is in addition to the 13 percent derivation money of N25.611 billion.
Also, N58.734 billion of Value Added Tax (VAT). Added to that is the N6.330 Nigerian National Petroleum Corporation (NNPC) refund to the Federal Government and the exchange gains of N4.921 billion.
The Minister further said that $150 million from the Nigerian Liquified Natural Gas (NLNG) was also shared.
The Minister of Finance, who also doubles as the Chairman of FAAC informed those present that it will no longer be a bleak Christmas for Civil Servants as the Federal Government has released their December salaries.
"Salaries are being paid now and people are starting to get alert. We are conscious of the need to ensure people are paid in the festive," she explained.