Home News FEDERAL ALLOCATION: FG, states, LGs share N637.5bn for January

FEDERAL ALLOCATION: FG, states, LGs share N637.5bn for January


ABUJA: The Federal, States and Local Governments yesterday shared the sum of N637.554bn being revenue for the month of January 2018. This sum was about N20bn lower than the N655bn they shared in December 2017.

 The Minister of Finance Mrs Kemi Adeosun, while briefing newsmen yesterday after the monthly Federation Account Allocation Committee (FAAC), said  “There were significant increase in oil royalty and value added tax (VAT).

Represented at the meeting by the Accountant General of the Federation, Mr Ahmed Idris, the minister, while giving the breakdown, she said the Federal Government received a total of N263.283 billion including VAT.

The state governments received a total of NN143.902 billion VAT inclusive, while the Local Government Councils got a total of N129.985 billion VAT inclusive.

The oil producing states received a total of N52.042 billion as 13 per cent derivation of mineral revenue from a total of N400.325 billion generated from crude oil sale for the month.

She said the total balance of money in the Excess Crude Account (ECA) stood at $2.317bn while the Excess Petroleum Profit Tax (PPT) stood at $133 million.