The Federal Government, State Governments and Local Government Councils have shared a total of N387,771 billion as Federal allocation for the month of December, 2015.
A communiqué issued by the Federation Accounts Allocation Committee (FAAC) and signed by the Accountant General of the Federation Ahmed Idris indicated that the Gross Revenue of N315.019 billion received for the month of December is higher than the =N=297.450 billion received the previous month by =N=17.569 billion.
The communique further indicated that owing to shut-in, shut-down of production for repairs , production shortfall due to technical hitches at different terminals throughout the month was said to have impacted on Crude Oil and Gas revenue. There was also revenue loss of $143.96m as a result of reduction in Federation Export sales and a drop in the average price of Crude Oil from $49.58 in October to $43.40 in November, 2015.
Consequently, the distributable Statutory Revenue for the month is N=315.019 billion. The sum of =N=6.330 billion was refunded by NNPC to FGN. There is exchange gain of =N=4.351 billion which was included in the amount for distribution. The value added tax VAT realised N62.071 billion was also included for the distribution.
Based on the foregoing, the total revenue distributable for the current month inclusive of VAT is =N=387.771 billion.
The details of the Statutory revenue distributed for the month of December is as follows: Federal Government received N147.567 billion (52.68%); States received N74. 848 billion (26.72%); Local Government Councils received N57.705 billion (20.60%); while the Oil Producing States received N27.703 billion as 13% derivation revenue.
Furthermore, for the month of December, 2015, the gross revenue available from the Value Added Tax (VAT) was =N=62.071 billion as against =N=61.181 billion distributed in the preceding month, resulting in an increase of =N=0.890 billion. The breakdown of the Value Added Tax (VAT) distribution for the month is as follows:Federal Government is N8.938 billion (15%); States is N29.794 billion (50%) while the Local Government Councils got N20.856 billion (35%).
It is also noteworthy that the NLNG dividend of $150 million was distributed to the three tiers of Government during the month.
K. N OFFIE
DD PRESS, OAGF
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Report By: PRNigeria.com