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Friday, January 20, 2017

December 2016 Federal Allocation Stands At N400bn

Nigerian Minister of Finance - Mrs. Kemi Adeosun
 The Federation Account Allocation Committee today, Friday, allocated the sum of  N400bn to the three tiers of government as statutory distribution for the month of December 2016. The amount when compared to the N386.87bn shared in the month of November represents an increase of N13.12bn.  

Addressing journalists shortly after the meeting which was held at the headquarters of the ministry of finance, the Minister of Finance, Mrs Kemi Adeosun said the N400bn was distributed under four distributable sub-heads. They are statutory allocation where the sum of N224.88bn was allocated; Value Added Tax N79.27bn; exchange gain N52.84bn, and excess Petroleum Profit Tax N42.99bn.

From the statutory allocations, the minister said after deducting cost of collections to the revenue generating agencies, the federal government got N105.76bn, states N53.64bn and local government councils N41.35bnIn addition, she said the sum of N15.5bn was given to the oil producing tested based on the 13 per cent derivation principle.

For VAT allocation, the minister of finance said the federal government received  N11.4bn, states N38bn while local government councils got N26.63bn. She said during the month, the sum of N248.71bn was generated as gross statutory revenue adding that this was higher than the N240.1bn received in the previous month by N8.59bn.

On the balance of the excess crude account, the minister said the account currently stands at $2.45bn. To read our report on November 2016 allocation, please click here.

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