A Review of the Nigerian Energy Industry

FG, states, LGs share N683.8bn from Federation Account

Ngozi Okonjo-Iweala18 June 2014, Abuja – The Federation Accounts Allocation Committee on Tuesday night shared the sum of N683.8bn among the three tiers of government for the month of May.

The amount, according to the Accountant-General of the Federation, Mr. Jonah Otunla, represents an increase of N49.17bn over the N634.72bn shared in April.

Otunla, who addressed journalists shortly after the FAAC meeting, which was held at the headquarters of the Ministry of Finance in Abuja, said the Federal Government got N271.34bn as statutory allocation, while the states and local governments got N137.62bn and N107bn, respectively.

Similarly, he said N52.75bn was allocated to the nine oil producing states based on the 13 per cent derivation principle.

Of the Value Added Tax revenue, the AGF said the Federal Government got N9.42bn; states, N31.39bn; and the local governments, N21.97bn.

He said while oil production was affected negatively by theft, repairs and maintenance of ruptured pipelines, the country earned N844.03bn as revenue in the month of May.

Otunla said, “The gross revenue of N844.03bn received for the month was higher than the N584.15bn received in the previous month by N259.88bn.

“The distributable statutory revenue for the month is N582.93bn. The sum of N35.54bn is proposed for distribution under the Subsidy Reinvestment and Empowerment Programme.

“The total revenue distributable for the current month, including Value Added Tax, is N683.89bn.”

He also said the sum of N159.68bn from excess non-oil revenue was also proposed and approved for distribution.


– The Punch

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