(http://fmi.gov.ng/wp-content/uploads/2013/03/OAGF-300x187.jpg) The Federal Government and other two tiers of government – states and Local Governments – have shared the sum of 886.402 billion naira as allocation for the month of February 2013.
A communiqué issued by the Technical Sub-Committee of Federation Account Allocation Committee (FAAC) said that the distributable statutory revenue for the month was 450.263 billion naira, which was brought to 623.768 billion naira with an augmentation of 173.505 billion naira.
Also forming part of the 886.402 billion naira shared to the three tiers of government was 7.617 billion naira refunded by the Nigerian National Petroleum Corporation (NNPC); the sum of 35.549 billion naira proposed for distribution under the Subsidy Reinvestment Programme (SURE-P) as well as arrears of January 2013 augmentation (December 2012) of 156.761 billion naira.
According to the communiqué, the gross revenue of 571.676 billion naira was received for the month, which was lower than the 651.265 billion naira received in the previous month by 79.589 billion naira.
This was due to the fact that up to 227.20 million U.S dollars and 108.09 million U.S dollars crude oil revenue was yet to be received. The money which is due on 1st March 2013 and 4th April 2013 respectively will be shared out in subsequent months. There was also the issue of oil production being hampered by pipeline vandalism at Bonny, Forcados and Brass Terminals.
The communiqué illustrated that for the month of February 2013, the gross revenue available from the Value Added Tax (VAT) was 62.707 billion naira as against the 65.291 billion naira distributed in the preceding month, reflecting a decrease of 2.584 billion naira.
A breakdown of the allocations for the three tiers of government showed that the Federal Government got 209.856 billion naira (52.68%) as against the 216.512 billion naira received in January 2013. The 36 states got 106.442 billion naira (26.72%) as against the 109.818 billion naira received in January while the Local Governments received 82.062 billion naira (20.60%) as against 84.665 billion naira in January.
The sum of 47.484 billion naira was paid out for the month to the oil producing states as 13% derivation revenue. 47.432 billion naira was paid as 13 % derivation revenue in January 2013.
Via: Federal Ministry of Information (FMI) Nigeria