Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


FG, states, LGs share N581.5bn for December 2013

16 January 2014, 21:02

Abuja - The Federal Ministry of Finance on Thursday announced that the Federation Accounts Allocation Committee (FAAC) had shared N581.498 billion to the three tiers of government for December 2013.

The Minister of State for Finance, Dr Yerima Ngama, announced this in Abuja when he addressed newsmen on the outcome of the FAAC meeting which ended on Thursday.

Ngama said the amount shared included N64.725 billion from Value Added Tax (VAT), N7.617 billion refunded by the Nigerian National Petroleum Corporation (NNPC) and N35.549 billion from SURE-P.

He said that actual distributable amount for the month was N473.607 billion as against budgetary expected figure of N623.768 billion.

“The distributable statutory revenue for the month is N473.607 billion, which is N150.161 billion less than the N623.768 billion that was budgeted for the month.

A breakdown of the distribution showed that the Federal Government received N221.161billion, representing 52.68 percent; states got N112.176 billion, representing 26.72 percent, while local governments received N86.483 billion, representing 20.60 percent.

He also announced that N48.461 billion, representing 13 per cent derivation revenue, was shared among the oil producing states.

On VAT, the minister said that the gross revenue collected in December was N64.725 billion as against N91.730 billion distributed in November, representing a drop of N27.005 billion.

He said that the mineral revenue collected for the month was N379.122 billion, which was less than the N490.765 billion realised in November and also less than budgeted expectation of N465.057 billion for the month.

He stated that non-mineral revenue collected during the period was N100.828 billion, showing a reduced difference of N6.159 billion from the N106.987 that was collected in November.

Ngama said N6.343 billion was transferred to the nation's Excess Crude Account (ECA) for December, adding that revenue realised in the month was poor.

Also addressing newsmen, the Chairman of Finance Commissioners Forum, Timothy Odah, said that the forum had extensive discussions on how best to resolve the issue of returns from the revenue collecting agencies.

He said that a committee, headed by the Accountant-General of the Federation, had been constituted to look into issues of returns from the agencies, especially NNPC.

"We want to know the average daily oil production so that we can use it as a yard stick to measure what they bring to us as the returns for the month hence forth,” he said.

He said that the committee would also look into the contentious issue of 10.8 billion dollars, alleged not to have been remitted to the federation's account by the NNPC.

"The essence of the committee is to look into the explanation that was given by the NNPC in regards to the missing 10.8 billion dollars so that we will know if we will agree with it or not," he explained.

-    NAN


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...