FG, States And LGs Share N581.4b Despite Shortfall In Revenue
Following disruptions in crude oil production and lifting operations, Nigeria’s monthly gross oil revenue dropped by N117. 802 billion to N479.950 billion in December compared to N597.752 billion for November.
Nevertheless, total distributable revenue including Value Added Tax (VAT) amounting to N581.498 billion was shared among the three tiers of government for December.
December revenue collection from VAT also fell to 64.725 billion naira compared to 91.730 billion naira in November.
Addressing journalists after the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja, the Minister of state for Finance, Dr Yerima Ngama, said that mineral revenue of N379.122 billion was received for the month and it fell short of the budgeted amount of N465.057 billion while the non-mineral revenue of N100.828 billion also fell short of the budgeted figure of N158.711 billion.
A breakdown of the statutory revenue distribution showed that the federal government got N221.161 billion while the states shared N112.176 billion and the local government areas got 86.483 billion.
The oil states shared N48.461 billion as derivation fund.
The Minister of State for Finance, Yerima Ngama
December revenue collection from VAT also fell to 64.725 billion naira compared to 91.730 billion naira in November.
Addressing journalists after the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja, the Minister of state for Finance, Dr Yerima Ngama, said that mineral revenue of N379.122 billion was received for the month and it fell short of the budgeted amount of N465.057 billion while the non-mineral revenue of N100.828 billion also fell short of the budgeted figure of N158.711 billion.
A breakdown of the statutory revenue distribution showed that the federal government got N221.161 billion while the states shared N112.176 billion and the local government areas got 86.483 billion.
The oil states shared N48.461 billion as derivation fund.
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