FG, states, LGs share (Another word for looting) N612b

Posted by admin Latest Politics, Local Govt, State News Saturday, December 17th, 2011

By Emma Ujah, Abuja Bureau Chief
The three tiers of government, yesterday, shared a total of N612.077 billion as their allocations from the federally collected revenue for the month of November, which would be used for their December expenditure. The figure was about N9 billion higher than the previous months’ allocation to the three levels of government which stood at N603 billion.

Gross revenue for the month under review was put at N723.139 billion which was about N15 billion lower than the revenue earned in October which stood at N788.546 billio

Detailed analysis of distribution showed that the Federal Government took a total of N194.666 billion made up of N194.132 billion from the Statutory Allocation, representing its 52.68 per cent under the existing sharing formula and another N7.534 billion , representing 15 per cent under the VAT revenue sub- head.

The states and local governments shared the balance based on their allocated revenue formula of 26.72 per cent and 20.60 per cent respectively.

The nine oil producing states got an additional N42.048 billion, representing 13 per cent of the oil revenue generated under the month of November. Similarly, the Federal Inland Revenue Service, FIRS, received N4.1 billion, representing 4 per cent of revenue it generated to cover cost of collection. The Nigerian Customs Service also receive the sum of N2.763 billion, representing 7 per cent of its revenue to cover duties’ collection cost.

-Vanguardwp_posts