A total of N429.127 billion was distributed among the three tiers of government in Nigeria at the end of the Federal Account Allocation Committee (FAAC) meeting, which wad held on Tuesday in Abuja.
When compared with the amount the three tiers shared in January 2017, FAAC has hiked the figure by about 7.4 per cent for February, having risen from N400.243bn to N429.13 billion.
According to the communiqué issued by the Technical sub-Committee of FAAC at the end of the meeting, the gross statutory revenue received for February was N290.163 billion, lower than the N324.990 billion received in the previous month.
It comprises the month’s statutory distributable revenue of N258.692 billion, Value Added Tax (VAT) of N69.207 billion, exchange gain of N40.329 billion and Excess PPT Account of N60.899 billion.
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There was also a N6.330 billion refund to the Federal Government by Nigerian National Petroleum Corporation (NNPC).
Accordingly, from the Net Statutory Revenue, Federal Government is to pocket N117.581 billion(52.68 per cent), with states receiving N59.639 billion (26.72 per cent), and Local Government Councils to collect N45.979 billion (20.60 per cent), while the Oil Producing States are to have N23.191 billion as the 13 per cent derivation from the revenue.
Further breakdown showed that from the total revenue, the Federal Government received N9.966 billion (15 per cent) from VAT, with states received N33.220 billion (50 per cent) with the Local Government Councils receiving N23.254 billion (35 per cent).
But indications are that some states and local government councils with outstanding loans, especially from foreign institutions and governments, have been lobbying the Minister of Finance, Mrs. Kemi Adeosun, to drop her earlier threat that the Federal Government would deduct at source the loans that are mature for servicing or repayment.
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