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FG, States, LGs Share ₦370bn

The three tiers of government, yesterday, shared ₦369.88 billion as revenue that accrued into the Federation Account and proceeds from the Value Added Tax, VAT, in the month of November.

The figure represented a decrease of ₦103.95bn when compared with the ₦473.83bn distributed in the previous month.

Minister of Finance, Mrs Kemi Adeosun, who briefed journalists at the end of the Federation Accounts Allocation Committee, FAAC, meeting in Abuja blamed the fall in revenue on the continued crashing of crude oil price at the international oil market.

She attributed the decline in allocation to reduction in revenue which was caused by shutdown and shut-in of production at various terminals during the period.

Adeosun said non-oil revenue was firming up and now playing a major role in the federation revenue at a time that oil revenue has continued to fall.

Her words: “The gross statutory revenue of ₦297.45 billion received in the month was lower than the ₦400.3 billion received in the previous month by ₦102.86 billion. On-going maintenance and the shutdown and shut-in of production for repairs at different terminals during the month continued to impact crude oil and gas revenue negatively.”

A breakdown of the revenue showed that statutory revenue accounted for ₦297.45 billion; Value Added Tax, ₦61.18 billion; exchange gain, ₦4.92 billion and ₦6. 3 billion refund made by the Nigerian National Petroleum Corporation, NNPC.

The distribution details showed that of the statutory revenue of ₦297.45 billion, the Federal Government got ₦139. 5 billion, states ₦70 billion and local governments ₦54,55 billion. The nine oil producing states received an extra ₦25.6 billion as 13 per cent derivation. Of the VAT revenue of ₦61.18 billion, the Federal Government got ₦8.8 billion, states, ₦29.36 billion and local governments, ₦20.55 billion.

Responding to a question on the possibility of workers receiving their salaries before the Christmas celebration with the late approval of allocation, Adeosun said salaries are being paid and people are already getting alerts.

According to her, “we are very conscious of the need that people are paid in time for the festive season.”

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