A total sum of N387.771bn (three hundred and eighty-seven billion, seven hundred and seventy-one million naira) was distributed in January by the Federation Account Allocation Committee (FAAC) to the three tiers of government, for the month of December 2015.
Briefing newsmen on the outcome of the FAAC meeting held at the headquarters of the Federal Ministry of Finance, Abuja, Minister of Finance, Mrs. Kemi Adeosun, represented by the Permanent Secretary, Mr. Mahmoud Isa-Dutse, announced a revenue improvement of N17.889 billion when compared with N369.882 billion shared to the various governments for November, 2015.
The Minister explained that there was an exchange gain of N4.351billion proposed for distribution, while Value Added Tax (VAT) of N62.071 billion made up the distributable figure.
A communique signed by the Accountant General of the Federation (AGF), Ahmed Idris indicated that the Federal Government received N147.567 billion, representing 52.68 per cent; states N74.848 billion, representing 26.72 per cent. The 774 local governments jointly received N57.705 billion, or which is the equivalent of 20.60 per cent of the amount distributed.
The AGF noted that N27 billion, representing 13 per cent of oil mineral revenue for the month was shared among the oil producing states. He added that there was improvement in VAT revenue of N59.588 billion collected for the month with an increase of N854 million when compared with that of the preceding month.
Also, the country generated N214.647 billion as mineral revenues and N100.372 billion as non-mineral revenues. This indicated an increase of N16.049 billion and N1.520 billion respectively from what were generated as mineral and non- mineral revenue in the preceding month.
The communiqué also showed that a total sum of $150 million NLNG dividend was equally distributed to the three tiers of government for the month.
Incidentally, the federation lost $143.96 million as a result of reduction in Federation Export sales and drop in the average price of crude oil from $49.58 in October to $43.40 in November, 2015 occasioned by shut-in and shut-down of production for repair.
The Minister also disclosed that the Excess Crude Account (ECA) remained unchanged at $2.258 billion for several months now.
An Economic Confidential independent analysis of the revenue document in its possession showed that the oil producing state of Akwa Ibom received N13.190 billion to top the states earner’s list while Lagos got N11.340 billion. Kano state received N8.355 billion, Delta and Rivers states got N9.366 billion and N8.894 billion respectively while Bayelsa state got N5.015 billion.
The table also showed that Gombe State received N2.678 billion as Ekiti and Osun got N2.838 billion and N2.337 billion respectively. While Cross River State got N2.772 billion, Eboyin received N3.389 billion among the lower earners of the statutory monthly allocation.
Revenue collection agencies made up the table with Federal Inland Revenue Service (FIRS) receiving N4.528 billion while Nigerian Custom Service received N3.606 billion and the Department of Petroleum Resources got N1,544 billion.