FG, States, LGs Share N465bn as Allocation Increases

• FG, States, LGs Share N465bn as Allocation Increases

The three tiers of government got a total of N465.149 billion as January 2017 allocation from the Federation Account Allocation Committee (FAAC), a N65.149 billion increase over what they shared in December 2016.

They had shared a total of N400 billion in the preceding month.

Briefing journalists at the end of the FAAC meeting in Abuja Tuesday, the Permanent Secretary, Ministry of Finance Alhaji Mahmoud Isa-Dutse, who stood in for the Finance Minister, Mrs. Kemi Adeosun said revenue recorded an increase despite the Force Majeure and shut-down of pipelines for repairs and maintenance occasioned by leakages and sabotage.

Petroleum Profit Tax (PPT) recorded a significant increase while accruals from Company Income Tax (CIT), Value Added Tax (VAT), import duties and royalty slided marginally.

A total of N273.452 billion was shared as statutory allocation for January. The federal government got N133.192 billion; states N67.557 billion; local governments, N52.083 billion and N20.620 was shared as 13 per cent derivation to oil mineral producing states.

The federal government also received N10.587 billion as Value Added Tax (VAT), states N35.291 billion and local governments N24.703 billion.

The Excess Crude Account (ECA) currently has a balance of $2.458 billion.