By Abdulrahman Abdulraheem
The Federation Accounts Allocation Committee yesterday distributed the total sum of N419.3 billion to the three tiers of government for the month of January.
The Federal Government got 173.447 billion, (52 percent); states, 87.94 billion, (26 percent); local government councils had 67.825 billion, ( 20 percent) while 13 percent of the figure which amounted to 38.940 billion went for derivation.
According to the communiqué issued after the meeting, the distributable statutory revenue for the month was N368.186 billion, which shows a decrease of 85.554 billion or 18 percent when compared to that of December, 2011.
The sum of N187.090 billion was proposed as augmentation as a result of shortfall in distributable revenue.
The 7.617 billion refunded by the Nigeria National Petroleum Commission (NNPC) was also distributed by the committee.
The total revenue distributable for the month (including VAT) therefore was N614.004 billion and this shows a decrease of N2.921 billion or 0.48 percent compared to the amount distributed in December, 2011. There was an exchange gain of 8.19 billion being the difference between the average prevailing exchange rate and the existing budgeted rate.
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