Friday, 16 November 2012

FG, states, LGs share N575bn allocations in October

Written by Nigerian Tribune 
 
The Federal Government, states and the 774 local government councils in Nigeria shared N574.940 billion for the month of October.
At a meeting of the Federation Account Allocation Committee (FAAC) in Abuja, it was revealed that the gross revenue of N640.766 billion accrued into the nation's account in October, a figure higher than the N594.701 billion received in September.
The increase in the receipts into the federation account was attributed to "higher collections on Petroleum Profit Tax (PPT) and Companies Income Tax.”
However, indications emerged at the meeting that the figures could have been higher but "crude oil production and listings during the period encountered several disruptions as a result of shut down, leakages, fire outbreaks at Trans Niger Pipeline, crude oil theft and maintenance work at Qua Iboe, Brass and Forcados terminals."
As a result of this, the distributable statutory revenue for the month of October was N467.007 billion and for the first time in many months, there was no augmentation because the revenue for the month exceeded what was budgeted for the month.
Apart from the statutory allocations, the monthly transfer of N7.617 billion by the Nigerian National Petroleum Corporation (NNPC), N35.549 billion from the SURE-P programme and N64.229 billion from Value Added Tax (VAT) were also shared among the three tiers of government.
The sharing formular showed that the Federal Government received N218.652 billion or 52. 68 per cent of the statutory allocation while the state governments got N110.903 billion or 26.72 per cent. Local governments went home with N85.502 billion or 20.60 per cent of the statutory allocation.
Oil producing states also shared N46.262 billion , being accruals from the 13 per cent oil and gas derivation revenue.
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