FG, states, LGs share N580.378b

The three tiers of government – Federal, States and Local Governments – have shared a total of N580.378 billion, inclusive of Value Added Tax, as Federal Allocation for the month of December 2014.

The Federal Government got N220.484 billion (52.68 per cent); states, N111.832 billion (26.72 per cent); while the local governments got N86.218 billion (20.60 per cent).

The oil producing states received N47.221 billion as 13 per cent derivation revenue.

According to the communique issued by the Federation Accounts Allocation Committee and signed by the Accountant-General of the Federation, Jonah Ogunniyi Otunla, the gross revenue received for December was N490.031 billion.

According to the communique, there will be no sharing for “SURE-P” in the December Allocation due to the fact that there was no excess accrued from oil since the fall of oil price.

The sum of N6.330 billion was refunded by the Nigerian National Petroleum Corporation to the Federal Government.

Also, there was an exchange gain of N10.551 billion and additional N15.631 billion from the Excess Crude Account.

Both were proposed for distribution.

This brings the total revenue distributable for the current month, including VAT, to N580.378 billion.