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Revenue allocation to FG, states, LGs drops N40bn in December
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IFUEKO OMOIGUI, Federal Inland Revenue Service
Statutory allocation to federal, state and local governments for the month of December 2007 dropped by N40.647 billion or 11.35 per cent from N357.997 billion distributed for the preceding month as the Federation Allocation Committee (FAC) weekend approved N317.350-billion for the month.
The approved amount for disbursement among the three tiers of government is made up of N284.246 billion statutory allocation and N33.104 billion Value Added Tax (VAT).
The Federal Government got N133.440 billion, while the 36 states shared N67.682 billion and local governments settled for N52.180 billion.
N30.942 billion, representing 13 percent derivation fund was added to the share of the nine oil-producing states.
In the same vein, VAT of N33.104 billion was shared out with N4.966 billion (15 percent) to the Federal Government; N16.552 billion (50 percent) to the states and N11.586 billion to the 774 local government councils.
The committee which met at the weekend in a communiqué issued at the end of the meeting and signed by the Accountant General of the Federation, IbrahimDankwambo, said a total of N515.062 billion was realised as revenue for the month in review. Out of the amount, N466.150billion represents revenue from mineral resources.
The communiqué noted that N48.912 billion was from non-mineral revenue and said from the total revenue, N228.128billion was transferred to the excess crude account.
According to Dankwambo, petroleum profit tax (PPT) and royalty account of N981.321 million and N1.706 billion respectively and representing four per cent cost of collection for the Federal Inland Revenue Service (FIRS) and seven percent cost of collection for the Nigeria Customs Service (NCS), respectivelywere deducted, to bring the net amount of statutory revenue available for distribution to N284.246 billion.
He explained that the N284.246 billion was shared among the three tiers in the proportion of 52.68:
26.72: 20.60 to the federal , state and local governments respectively.
The Federal Government got N133.440 billion, while the 36 states shared N67.682 billion and local governments settled for N52.180 billion.
N30.942 billion, representing 13 percent derivation fund was added to the share of the nine oil-producing states.
In the same vein, VAT of N33.104 billion was shared out with N4.966 billion (15 percent) to the Federal Government; N16.552 billion (50 percent) to the states and N11.586 billion to the 774 local government councils.
The committee which met at the weekend in a communiqué issued at the end of the meeting and signed by the Accountant General of the Federation, IbrahimDankwambo, said a total of N515.062 billion was realised as revenue for the month in review. Out of the amount, N466.150billion represents revenue from mineral resources.
The communiqué noted that N48.912 billion was from non-mineral revenue and said from the total revenue, N228.128billion was transferred to the excess crude account.
According to Dankwambo, petroleum profit tax (PPT) and royalty account of N981.321 million and N1.706 billion respectively and representing four per cent cost of collection for the Federal Inland Revenue Service (FIRS) and seven percent cost of collection for the Nigeria Customs Service (NCS), respectivelywere deducted, to bring the net amount of statutory revenue available for distribution to N284.246 billion.
He explained that the N284.246 billion was shared among the three tiers in the proportion of 52.68:
26.72: 20.60 to the federal , state and local governments respectively.
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