Federal, states, councils share N387billion

Federal, states, councils share N387billion

Tuesday, March 22, 2016 9:42 pm

Nigeria’s finance minister, Kemi Adeosun said N387.7 billion was shared among the federal, states and local governments as revenue for February 2015.

Adeosun, who was represented by the Permanent Secretary, Ministry of Finance, Mr Mahmoud Isa Dutse, announced this when she addressed newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting.

She said that the shared amount comprised the month’s statutory revenue of N270.5 billion, N3.49 billion earned via exchange gain, N6.3 billion refunded by NNPC and N64.7 billion earned from VAT.

In January, N370.3 billion was shared to the three tiers of government as revenue for the month of January. This shows an increase of N17.4 billion in revenue.

Giving the breakdown of revenue among the three tiers of government, Adeosun said the Federal Government received N127. 2 billion, representing 52.68 per cent; states, N64.5 billion, representing 26.72 per cent. The local governments, she said, received N49.7 billion, amounting to 20.60 per cent of the amount distributed.

She announced that N22.7 billion representing 13 per cent derivation revenue was shared among the oil producing states.

Adeosun said that the country generated N176.3 billion as mineral revenue and N94.1 billion as non-mineral revenue in February.

She said this showed an increase of N2.7 billion and a decrease of N23.1 billion from what the country generated as mineral and non-mineral revenue in the preceding month.

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