The Federal, States and Local Governments have shared N655.177 billion, being revenue generated in December 2017 and shared in January 2018
The breakdown showed the total amount shared include N540.446 billion gross statutory revenue received for the month, which is lower than the N549.533 billion shared in the previous month by N9.089 billion.
Another sum of N83.963 billion was received from Valued Added Tax (VAT) as against the N80.426 billion distributed in the preceding month, resulting in N3.537 billion.
The Nigeria Customs Service (NCS) remitted N3.638 billion, Federal Inland Revenue Service (FIRS) N4.567 billion and Department of Petroleum Resources (DPR) N3.104billion.
Reason for the reduction
Minister of Finance, Mrs. Kemi Adeosun attributed the decrease in crude oil export sales by 0.59 million barrels resulted in decreased revenue from export sales of $11.65 million.She, however, stated that the average price of crude oil increased from $52.07 to $56.83 per barrel during the period under review.
“The distributable statutory revenue for the month is N423.961 billion. The total revenue distributable for the current month (including VAT) is N558.082 billion.” She said.
Disbursement to three tiers of Government
- The Federal Government got N252.543 billion or 52 percent of the total money shared.
- All the states of the federation received the total sum of N128.093 billion, representing 26.72 percent.
- Local governments got N98.755 billion or 20.60 percent of the N655.177 billion shared.
- The sum of N47.738 was shared among the oil producing states as 13 per cent derivation fund.
Composition of the Federal Accounts Allocation Committee include
- Federal Minister of Finance who is the chairman of the committee
- Commissioner for Finance of each State in the Federation.
- Two persons to be appointed by the President.
- The Accountant-General of the Federation.
- The Permanent Secretary of the Federal Ministry of Finance (Secretary to the Committee.)
The committee ensures that allocations made to the States from the Federation Account are promptly and fully paid into the treasury of each State.