The three tiers of Government; Federal, States and Local Governments have shared a total of N 580.378 Billion (inclusive of VAT) as Federal Allocation for the month of December 2014.
From the abovementioned amount, the Federal Government got =N= 220.484billion (52.68%); the State Governments got =N=111.832billion ( 26.72 %) while the Local Governments got =N= 86.218 billion ( 20.60%) and the oil producing States got =N=47.221billion as 13% derivation revenue.
According to the communique issued by the Federation Accounts Allocation Committee (FAAC) and signed by the Accountant- General of the Federation, Mr. Jonah Ogunniyi Otunla, FCA, OFR indicated that the gross revenue received for December was =N=490.031 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 =N =6.330 billion was refunded by the NNPC to FGN. Also, there is exchange gain of =N =10.551 billion and additional amount of =N=15.631 billion from ECA and both were proposed for distribution.
This brings the total revenue distributable for the current month (including VAT ) to N580.378 billion.
K. N. Offie (Mrs.)