May 3, 2012

The Federation Account Allocation Committee (FAAC) met and shared N497.73 billion for the month of March under the Chairmanship of the Honourable Minister of State for Finance, Dr Yerima Lawan Ngama.

 Federal Government (52.66%) got it share as N233.961, while State Government (26.72%) had N118.668 billion and the Local Governments (20.60%) got N91.488 billion.

 As for the value Added Tax (VAT), the distributable amount is N62.009 billion. Federal Government (15%) got N8.929 billion, the States (50%) got N29.764 billion while Local Government (35%) had N20.835 billion. Derivations (13%) of mineral Revenue Oil and Gas are N53.614 meant for the Oil producing states to share.

 The gross revenue of N726.772 billion received for the month was lower than the N766.772 billion received in the previous month by N40.000 billion. This was due to a decrease in Crude Oil Export for the month as a result of several operational issues and safety challenges in Bonga, Brass, Bonny and Qua Iboe Terminals.

The meeting was attended by the commissioners of Finance from the 36 States and Abuja.

Source: Federal Ministry of Finance