FG, states, LGs shared N387.8bn December revenue, says Minister

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NIGERIA: A PRINCELY N387.8 billion has been shared by the three tiers of government, the Minister of Finance, Mrs. Kemi Adeosun, has said.

The figure is a slight increase over last November revenue shared money of N369.9 billion by the three tiers of government.
Adeosun said on Tuesday that the money shared among the federal, state and local governments was the revenue for last December.

The Minister, who was represented by the Permanent Secretary in her ministry, Mr. Mahmoud Isa-Dutse, gave the whopping amount while addressing reporters after the Federation Accounts Allocation Committee (FAAC) meeting.
The minister, who said that the shared amount comprised of the month’s statutory revenue of N315 billion, said that an exchange gain of N4.5 billion was also proposed for distribution.

She explained further that the money shared included the N6.3 billion refunded to the federation account by the Nigerian National Petroleum Corporation (NNPC).
Adeosun said: “Therefore the total revenue distributable for the month of December, including VAT of N62 billion, is N387.8 billion.”
With the rise of N17.9 billion over last November revenue, Adesoun explained that out of the December income, the Federal Government got N147.5 billion, representing 52.68 per cent, the states received N74.8 billion, representing 26.72 per cent, while the local governments received N57.7 billion, amounting to 20.60 per cent of the shared money.
The Minister also said that N42.05 billion, representing 13 per cent derivation revenue was shared among the oil producing states, and that during the month under review, Nigeria Liquefied Natural Gas (NLNG) paid a dividend of $150 million.

The amount, she stated, had earlier been shared by the three tiers of government, adding that the country earned N214.6 billion as mineral revenue and N100.3 billion as non-mineral revenue in December, with a rise of N16.04 billion and N1.5 billion respectively compared to November.

She stated that $225 billion remained the balance in the Excess Crude Account, which suggested that the amount had remained so since July last year.