FAAC shared N888.40 billion to the three tiers of government for the Month of February, 2014 Shared in March, 2014

FAAC shared N888.40 billion to the three tiers of government for the Month of February, 2014 Shared in March, 2014

The Federation Account Allocation Committee (FAAC) Thursday distributed N888.40 billion to the three tiers of government for February, transferring another N121.41bn into the Excess Crude account bringing the new balance in the account to $8.061 billion.

The February allocation represents an increase of N310.94 billion or 54.03 per cent over the N575.46bn shared by the committee in the month of January.

“Accountant General of the Federation, Mr Jonah Otunla told newsmen after the meeting chaired by the Minister of State for Finance, Dr Yerima Ngama and attended by Finance Commissioners from the 36 states of the federation that “the gross revenue of N571.67 billion received for the month was lower than the N651.26bn received in the previous month by N79.58 billion.”

Giving a summary of the distribution, he said N445.84 billion was shared under statutory allocation; N62.707 billion was allocated under Value Added Tax while N173.595 billion was used to augment the shortfall in revenue.

Others are N35.549 billion for Subsidy Reinvestment and Empowerment Programme (SURE-P); N7.617 billion being refund of debt owed the federation account by the Nigerian National Petroleum Corporation, and arrears of N156.76 billion for the month of January, arising from the late implementation of the budget.

The AGF further explained that of the N445.26 billion statutory allocation, the Federal Government got N209.86 billion, representing 52.68 per cent; while the 36 states got N106.44 billion or 26.72 per cent; and the 774 local government areas, N82.06 billion, or 20.6 per cent.

Similarly, he said N47.48 billion was shared to the nine oil producing states based on the 13 per cent principle of derivation.

Also, of the VAT distribution of N60.19 billion, Otunla noted that the FG got N9.03 billion or 15 per cent; states, N30.1 billion, or 50 per cent; and LGAs, N21.07 billion.

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