FG, states, LGAs share N655.2bn for January

The federal, states and local governments have shared N655.177 billion, being revenue generated in December 2017 and shared in January 2018.

The breakdown showed the total amount shared include N540.446 billion gross statutory revenue received for the month, which is lower than the N549.533 billion shared in the previous month by N9.089 billion.

Another sum of N83.963 billion was received from Valued Added Tax (VAT) as against the N80.426 billion distributed in the preceding month, resulting in N3.537 billion.

“The distributable statutory revenue for the month is N423.961 billion. The total revenue distributable for the current month (including VAT) is N558.082 billion”, minister of finance, Mrs Kemi Adeosun said while reading out the communiqué of the January meeting to journalists in Abuja.

Adeosun said the decrease in crude oil export sales by 0.59 million barrels resulted in decreased revenue from export sales of $11.65 million.

She however, stated that the average price of crude oil increased from $52.07 to $56.83 per barrel during the period under review.

The Federal Government got N252.543 billion or 52 per cent of the total money shared. All the states of the federation received the total sum of N128.093 billion, representing 26.72 per cent, while Local governments got N98.755 billion or 20.60 per cent of the N655.177 billion shared. The sum of N47.738 was shared among the oil producing states as 13 per cent derivation fund.

The Nigeria Customs Service (NCS) remitted N3.638 billion, Federal Inland Revenue Service (FIRS) N4.567 billion and Department of Petroleum Resources (DPR) N3.104, all less cost of revenue collections.

There is a balance of $2.317 billion in the nation’s Excess Crude Account, which shows that the federal government is yet to deduct the $1 billion approved by the National Economic Council (NEC) for funding of the war against Boko Haram insurgency in the North-East because there hasn’t been an approval from FAAC said the Minister.