The Federation Account Allocation Committee at its monthly meeting in Abuja shared the sum of N400bn to the three tiers of government for the month of December 2016.

The amount represents N13.12 bn increase when compared to the N386.87bn shared for the month of November 2016.

Speaking to newsmen after the meeting held at the ministry of finance, the Minister of Finance, Mrs Kemi Adeosun said the N400bn was distributed under four sub-heads.
The sum of N224.88bn was for statutory allocation; N79.27bn for value-added tax exchange gain of N52.84bn, and excess Petroleum Profit Tax N42.99bn.

The minister said from the statutory allocation after deducting cost of collections to the revenue generating agencies, the federal government received N105.76bn, states got N53.64bn and local government councils N41.35bn.

In addition, she said the sum of N15.5bn was given to the oil producing states as 13 per cent derivation.

For VAT allocation, the Mrs Adeosun said the federal government got N11.4bn, states N38bn while local government councils took home N26.63bn.

Adeosun further said during the month, the sum of N248.71bn was generated as gross statutory revenue stressing that it was higher than the N240.1bn received in the previous month by N8.59bn, adding that the balance
of the excess crude account stands at $2.45bn

In a communique issued after the meeting FAAC noted that the force majeure at Forcados, Qua Iboe and Brass terminals affected revenue negatively, as there was revenue decline of $65.4m in federation export sales due to a drop in crude oil export volume of 1.39 million barrels.

The Chairman of FAAC commissioners forum Mahmoud Yunusa assured that states would work with the federal government to tackle the current economic recession.