FG, States, LGs Share N387.8 Billion as December Revenue from Federation Account

The Minister of Finance, Mrs Kemi Adeosun, on Tuesday said that N387.8 billion was shared among the federal, states and local governments as revenue for December, 2015.

Adeosun, who was represented by the Permanent Secretary, Ministry of Finance, Mr Mahmoud Isa-Dutse, announced this while addressing newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting. She said that the shared amount comprised the month’s statutory revenue of N315 billion.

“Also, there is the exchange gain of N4.5 billion which is proposed for distribution. Adeosun also said that the money shared included the N6.3 billion that was refunded to the federation account by Nigerian National Petroleum Corporation (NNPC).

“Therefore the total revenue distributable for the month of December, including VAT of N62 billion, is N387.8 billion,” she said.

In Novenber, N369.9 billion was shared to the three tiers of government as revenue for the month, So this month’s allocation shows an increase of N17.9 billion.

Giving the breakdown of revenue among the three tiers of government, Adeosun said the Federal Government received N147.5 billion, representing 52.68 per cent while states got N74.8 billion, representing 26.72 per cent.

The local governments, she said, received N57.7 billion, amounting to 20.60 per cent of the amount distributed. She said N42.05 billion, representing 13 per cent derivation revenue was shared among the oil producing states. Adeosun also announced that during the month under review, Nigeria Liquified Natural Gas paid a dividend of 150 million dollars which had earlier been distributed to the three tiers of government.