BEVERLY HILLS, March 28, (THEWILL) – The Federal, State and Local Governments have shared the sum of N647.39 billion from the Federation Account.
The money was the revenue collection for the month of February 2018 which was approved at the emergency Federation Account Allocation Committee (FAAC) meeting convened and chaired by the minister of finance Wednesday.
The meeting was attended by a representative of the Permanent Secretary and Director of Home Finance in the Federal Ministry of Finance, Mrs. Olubunmi Siyanbola; Accountant General of the Federation, Mr. Ahmed Idris; Chairman of Finance Commissioners’ Forum and Adamawa State Commissioner for Finance, Mr. Mahmoud Yunusa; States’ Commissioners of Finance and Accountant-Generals, and representatives of revenue generating agencies.
Adeosun, who spoke to journalists at the end of the Committee’s emergency meeting, said she personally engaged state governors in several meetings on Tuesday to find a way around the stalemate over a dispute with the revenue paid by the Nigerian National Petroleum Corporation (NNPC) into the Federation Account.
“The NNPC is a major channel of our mineral revenue. Some issues have been raised by the States on the revenue paid into the Federation Account by NNPC,” she said.
“These are being looked into and within the next 48 hours, we will hold a joint meeting with the NNPC Group Managing Director to address the concerns of the States. The reconciliation of the revenue figures is part of a healthy process to ensure transparency and accountability.”
She then revealed that the sum of N647.39 billion distributed to the three tiers of government was N11.836 billion higher than the N635.554 billion shared in the previous month.
Statutory revenue accounted for N557.943 billion of the total revenue distributed for the month of February while Value Added Tax (VAT) accounted for the balance of N89.447 billion.
The total revenue distribution in the previous month was made up of statutory revenue of N538.908 billion and Value Added Tax of N96.646 billion.
The States and Local Governments had last month got N126.482 billion and N97.512 billion, respectively.
The 13% derivation accounted for the balance of the statutory revenue of N57.356 billion.
The 36 States received Value Added Tax of N42.935 billion compared with N46.39 billion received in the previous month, while the Federal and Local Governments received VAT of N12.88 billion and N30.054 billion, respectively.
Both Federal and Local Governments had received N13.917 billion and N32.473 billion, respectively, from VAT in February 2018.
