|Nigerian Minister of Finance - Mrs. Kemi Adeosun|
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
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 N41.35bn. In
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.