FG, States, LGs Share N420b In October—Adeosun

November 24, 2016
FG, States, LGs Share N420b In October—Adeosun


By Modupe Gbadeyanka

A total of N420 million was shared in October among the Federal, States and Local Governments of the federation.

This information was disclosed by the Minister of Finance, Mrs Kemi Adeosun, on Wednesday in Abuja.

According to the Minister, the same amount was shared in September.

Mrs Adeosun disclosed further that N6.3 billion was refunded to the federal government by Nigerian National Petroleum Corporation, while the net statutory allocation is N197 billion and Value Added Tax is N69.6 billion, an increase of N5.35 billion from the previous month.

The Minister noted that there was exchange gain of N37.3 billion while excess Petroleum Profit Tax was N109.1 billion.

In her analysis, the Federal Government received N96.67 billion, representing 52.68 percent while states got N49 billion, representing 26.72 percent and local governments got N37.8 billion, amounting to 20.60 percent of the amount distributed.

She also said N13.5 billion, representing 13 percent derivation revenue was shared among the oil producing states.

For distribution from VAT, she said that the federal government got N10 billion representing 15 per cent while the states got N33.4 billion representing 50 per cent and the local government councils got N23.3 billion representing 35 per cent.

Mrs Adeosun said during the month under review, the country generated N140.2 billion as mineral revenue and N98.5 billion as non-mineral revenue, showing a decrease of N41 billion from both sources, revealing that the Excess Crude Account stood at $2.4 billion.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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