FAAC Committee allocates N387.77bn to FG, states, LGs

The Finance Ministry has shown much dedication in ensuring that benefits are given to right sector to help them dispense their duties

  • Published:
Nigeria's Finance Minister Kemi Adeosun speaks after the inauguration of the Efficiency Unit during an exclusive interview with Reuters in Abuja, Nigeria, November 30, 2015. REUTERS/Afolabi Sotunde play Nigeria's Finance Minister Kemi Adeosun speaks after the inauguration of the Efficiency Unit during an exclusive interview with Reuters in Abuja, Nigeria, November 30, 2015. REUTERS/Afolabi Sotunde
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A sum of N387.7bn has been distributed among the three tiers of government by the Federation Accounts Allocation Committee.

The allocation was for the month of December 2015, and it represented an increase of N17.88bn over the N369.8bn distributed in November.

The Permanent Secretary, Federal Ministry of Finance, Mr. Mahmoud Isa-Dutse, announced that the amount was distributed from four sources.

He added that the Federal Government, after deducting the cost of collection, received the sum of N147.56bn; the states, N74.84bn; and local governments, N57.7bn.

READ: Infrastructure investment would not be affected

A sum of N27.7bn was allocated to the oil producing states based on the 13 per cent derivation principle.

Representing the Finance Minister, he said, “The gross statutory revenue of N315.01bn received for the month of August was higher than the N297.45bn received in the previous month by N17.56bn. Shutdown of (oil) production for repairs and production shortfall due to technical hitches at different terminals throughout the month impacted negatively on crude oil and gas revenue”.

“Also, there was revenue loss of $143.96m as a result of reduction in federation export sales and a drop in the average price of crude oil from $49.58 in October to $43.40 in November 2015.”

The Finance Ministry has shown much dedication in ensuring that benefits are given to right sector to help them dispense their duties.

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