The three tiers of government in the country [Federal, State, and Local Councils] enjoyed an expanded take-home income from the Federal Account Allocation Committee [FAAC] in the month on December. The FAAC says it shared N581.498 billion between the Federal, States and Local governments. The amount for December is less than the previous month of November which was N675, 650billion.
The gross revenue collected in December was N64.725 billion.
The Minister of State for Finance, Dr Yerima Ngama, announced that the amount originally budgeted for the month was N623.768 billion, however the figure actually distributed was N473.607 billion (amount excluding refund by NNPC, VAT, and fund from SURE-P).
The allocated amount of N581.498, includes N7.617 billion refunded by NNPC, N64.725 billion from Value Added Tax (VAT) and N35.549 billion from SURE-P Programme.
A breakdown of the distribution indicated that the Federal Government received N221.161billion, (52.68%), while the State received N112.176 billion (26.72%) and the Local Government received N86.483 billion (20.60%). Furthermore, a total of N48.461 billion representing 13% derivation revenue was shared among the oil producing states.
(This is demonstrated clearly in the table below).
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