The Federal, State and Local Governments shared the sum N655.177 billion in December 2017 as revenue collected into the federation account for the month dropped by N9.087 billion when compared with total collections of N549.533 billion in the preceding month.
Making this disclosures at the conclusion of the Federation Account Allocation Committee (FAAC) meeting in Abuja yesterday, the Minister of Finance, Mrs. Kemi Adeosun, stated that N540.446 billion was shared as statutory disbursements.
A breakdown of the shared sums after deducting costs of collection for the Customs and Federal Inland Revenue Services (FIRS), the Federal Government got N252.543 billion, while states and local governments collected N128.093 billion and N98.755 billion respectively. The oil producing states also got N47.738 billion as statutory 13 per cent derivation revenue from oil production.
On Value Added Tax (VAT) distributions, Adeosun disclosed that after making statutory deductions to FIRS, the three tiers also shared N80.604 billion with the Federal Government receiving N13.091 billion, state governments, N40.302 billion and local governments N28.211 billion.
According to the minister, the month’s gross revenue stood at N540.446 billion. She explained that gross revenue for the month dropped due partly to drop in crude oil export sales by 0.59 million barrels.
She also disclosed that the accruals into the Excess Crude Account still stood at $2.317 billion.
In his remarks after the meeting, the chairman of finance commissioners’ forum, Alhaji Mahmoud Yunusa, said many states governments had keyed into the efficiency unit initiative pioneered by the federal government and that it has been working for the states.
This is even as he explained that many state governments had embarked on cost cutting measures after adopting the efficiency unit protocol which is part of the fiscal responsibility plan.
