The Three tiers of the Government in Nigeria have shared the total sum of N329.706 billion from the Federation Account for the month of January shared in February, 2010. The amount shows a decrease of N40.606 billion or 10.96 percent compared to N370.312 billion that was distributed in the previous month.
The distributable statutory revenue for the month is N283.532 billion (based on budgeted exchange rate of N125 per dollar) indicating an increase of N47.862 billion or 20.3 percent as against what was shared in January.
The increase was attributable to receipt by the Nigerian National Petroleum Corporation (NNPC) arising from Nigerian Liquefied Natural Gas (NLNG) Feedstock price adjustment. The total revenue distributable for the month (including VAT) is N329.706 billion but excludes augmentation and exchange differences which were not distributed this month as 2010 budget is yet to be approved.
According to a communiqué issued and signed by the Accountant-General of the Federation, Ibrahim Dankwambo, the total net amount for distribution is N283.532 billion out of which the Federal Inland Revenue Service (FIRS) received N1.989 billion while the Nigerian Customs got N1.574 billion being their four percent and seven percent cost of collections respectively.
The Federal Government received the sum of N134.649billion (52.68 percent), State and Local governments got N68.296 billion (26.72 percent) and N52.653 billion (20.60 percent) respectively.
The total revenue available from the Value Added Tax (VAT) was N46.174billion as against N42.922 billion distributed in the preceding month recording an increase of N3.252 billion.
The Littoral States got additional N27.934 billion as against N21.887 billion that was shared the preceding month, being their 13 percent derivation allocation.
Reports of Revenue Collection Agencies and Military Pension were read and adopted.
The next Federation Account Allocation Committee (FAAC) meeting is proposed for 11th and 12th March, 2010 in Uyo, Akwa Ibom State.