FG, States, LGs Share N580.4bn For December From The Federation Account

The Minister of State for Finance, Mr Bashir Yuguda, has said that 580billion naira has been shared to the Federal, States and Local Government Areas as revenue for the month of December 2014.

Yuguda made this statement at a news briefing on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja.

He said that the shared amount comprised statutory revenue of 474billion naira, and 6.3billion naira refunded by the Nigerian National Petroleum Corporation (NNPC).

Other components of the money, according to him, were Value Added Tax (VAT) of 73.5 billion naira, and an additional 15.6 billion naira from the Excess Crude Account which was released to augment shortfall in revenue generated during the period.

Giving the breakdown of revenue among the three tiers of government, Yuguda said that the Federal Government received 220 billion naira, states got 111billion naira, while local governments got a total of 86 billion naira.

Figures released by the committee shows a drop in crude oil revenues from 87 million dollars in October to 77 million dollars November.