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FG, States, LGs share 329 billion

The three tiers of government have shared a total of N329.706 billion from the statutory federation account and the Value added proceeds for the month of January.

According to a communiqué issued by the Accountant General of the Federation, Mr. Ibrahim Dankwambo, after the Federation Account Allocation Committee (FAAC) meeting in Abuja, yesterday, the figure was decline from the N370.312 billion realized in the previous month.

Of the amount shared N283.352 billion came from the statutory allocation and value added tax of N46.174 billion.
What was available for sharing was significantly affected by the 23.230 billion deducted by the Nigeria National Petroleum Corporation  (NNPC)  as subsidy for petroleum products for the month of January.

A communiqué issued  by the Technical Sub_committee of FAAC signed by the Accountant_General of the Federation, Mr. Ibrahim Hassan Dankwambo, explained that the increase in statutory allocation was attributable to :receipt by the Nigeria National Petroleum Corporation (NNPC) arising from NLNG Feedstock price adjustment.”

FAAC also pointed out that  the total revenue was lower because the augmentation  and exchange rate difference were not distributed for this month as 2010 was yet to be approved.

Analysis of distribution showed that for the statutory allocation,  the Federal government received N134.649 billion while states got N68.296 billion and local governments, N52.653 billion. N27.934 billion, being 13 percent derivation fund  went to the nine littoral states.

The Federal Government received N6.926 billion from the VAT proceeds while states governments got N23.087 billion.  N16.161 billion was allocated to local governments.


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