Fed Govt, states, councils share N620b (Share = loot)

The Federation Account Allocation Committee (FAAC) meeting which dragged on into the night ended with the three tiers of government sharing N620.738 billion as allocation for February.

The gross revenue of N766.772 billion was higher than the N666.324 billion shared in the previous month.

The increase was due to increase in Petroleum Profit Tax (PPT)collections for December, last year and January, as well as upward review of PPT estimates by oil companies.

The distributable statutory revenue for February was N402.192 billion, which showed an increase of N34.006 billion or 9.24 per cent when compared to that of January.

Besides, N152.745 billion was proposed as augmentation as a result of the short fall in distributable revenue budgeted.

Also shared was N7.617 billion refunded by the Nigeria National Petroleum Corporation (NNPC), while N58.184 billion was shared as proceeds from Value Added Tax (VAT).

There was an exchange gain of N11.323 billion being the difference between the average prevailing exchange rate and the budgeted rate.

As a result of this development, the Federal Government received N260.187 billion, the states N131.970 billion and local governments N101.744 billion as statutory allocations.

The oil producing states shared N60.249 billion as 13 per cent oil and gas mineral revenue derivation.

-The Nation

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Posted by admin on Mar 20 2012. Filed under Latest Politics. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry