FG, states, LGs share N387.8bn for December

The Minister of Finance, Mrs Kemi Adeosun, Tuesday, in Abuja said N387.8 billion was shared among the federal, states and local governments as revenue for December, 2015.

Adeosun represented by the Permanent Secretary, Ministry of Finance, Mr Mahmoud Isa-Dutse, announced this while addressing newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting.

She said the shared amount comprised the month's statutory revenue of N315 billion.

“Also, there is the exchange gain of N4.5 billion which is proposed for distribution. Adeosun also said that the money shared included the N6.3 billion refunded to the federation account by Nigerian National Petroleum Corporation (NNPC).

“Therefore, the total revenue distributable for the month of December, including VAT of N62 billion, is N387.8 billion,” she said.

It will be recalled that N369.9 billion was shared to the three tiers of government as revenue for the month of November.

This month's allocation shows an increase of N17.9 billion. Giving the breakdown of revenue among the three tiers of government, Adeosun said the Federal Government received N147.5 billion, representing 52.68 per cent while states got N74.8 billion, representing 26.72 per cent.

The local governments, she said, received N57.7 billion, amounting to 20.60 per cent of the amount distributed. She said N42.05 billion, representing 13 per cent derivation revenue was shared among the oil producing states.

She also announced that during the month under review, Nigeria Liquified Natural Gas paid a dividend of $150 million which had earlier been distributed to the three tiers of government.

According to her, the country generated N214.6 billion as mineral revenue and N100.3 billion as non-mineral revenue in December showing an increase of N16.04 billion and N1.5 billion respectively from what the country generated in the preceding month.

-Emmanuel Ikechukwu