Saturday 13 October 2012

Allocation committee distributes N523.349 billion to 3 tiers of government

The Federation Accounts Allocation Committee (FAAC) have approved the sum of N523.349 billion for distribution to the three tiers of governments for the month of September, inclusive of Value Added Tax(VAT).
Briefing newsmen after a closed door meeting, the Minister of State for Finance, Yerima Ngama put the statutory revenue for the month at N453.99 billion.
“Available for distribution for the month of September is N594.7 billion which exceeded that of August which was N564.88 billion by N29.81 billion,” he said.
The Minister said the committee transferred N140.70 billion to the excess crude account.
“We also paid cost of collection of N2.04 billion to the Federal Inland Revenue Service and N2.75 billion to the Nigeria Custom Service.
“The total Value Added Tax collected for the month of September was N56.34 billion. The Federal Government for VAT got 15 percent which is N8.113 billion
The minister noted that there was an augmentation of N13billion owing to a shortfall in revenue, pegging the balance of the excess crude account at $8.46 billion.
Mr Yerima said the Federal Government will receive the sum of N216.436 billion; the state governments will receive N109.779 billion while the local governments will receive N84.635 billion.
He said the 13 percent derivation due to the oil producing state is N49.908 billion.
“For the SURE-P, we are as usual distributing N35.549 billion to the three tiers of government,” the Minister.
The monthly N7.617 billion debt payment of the Nigeria National Petroleum Corporation (NNPC) was also distributed among the threetiers of government.

Source: Channels TV

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