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FG, States, LGs share N369bn
The three tiers of government shared the sum of N369.9billion from the federal allocation for November 2015.
This was made known by Minister of Finance, Mrs Kemi Adeosun, on Tuesday while addressing newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja.
She added, the amount shared among the Federal, States and Local Governments comprised the month’s statutory revenue of N297.4billion.
This showed a decrease of N83.9billion from the N473.8billion shared among the three tiers of government for the preceding month.
She said, “Also, there is the exchange gain of N4.9billion which is proposed for distribution.
“Therefore, the total revenue distributable for November, including VAT of N61.1billion, is N389.8billion”.
Adeosun added that N6.3 billion was refunded to the federation by the Nigerian National Petroleum Corporation (NNPC) and was also proposed for sharing.
Giving the breakdown, Adeosun said the Federal Government received N139.5billion, representing 52.68 per cent; states, N70.7billion, representing 26.72 per cent, and the local governments received N54.5billion, amounting to 20.60 per cent of the amount distributed.
Read also: Buhari: Capital expenditure to gulp 30% of 2016 budget
The minister further said that N25.6billion representing 13 per cent derivation revenue was shared among the oil producing states.
Adeosun said the country generated N198.5billion as mineral revenue and N98.8billion as non-mineral revenue.
According to her, the development showed a decrease of N11.3billion and N114.2billion from what the country generated as mineral and non-mineral revenue in the preceding month.
She stated that the balance in the Excess Crude Account stood at $2.25billion, which showed that nothing had been removed or added to it since July. Adeosun decried the low revenue generation for the month.
She said, “Ongoing maintenance and the shut-down and shut-in of production for repairs and maintenance at different terminals during the month continued to impact on crude oil and gas revenue negatively.
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