The
Minister of State for Finance, Amb Bashir Yuguda, who addressed
journalists at the end of the Federation Account Allocation Committee
meeting in Abuja said the money shared amount comprised statutory
revenue of N474.4 billion, and N6.3 billion, being debt repayment made
by Nigerian National Petroleum Corporation.
Other
components of the allocation, according to him, are Value Added Tax of
N73.5 billion, and an additional N15.6 billion from the Excess Crude
Account was released to augment the shortfall in revenue generated
during the period.
The
breakdown of revenue share showed that the Federal Government received
N220.5 billion, representing 52.68 per cent; states, N111.8 billion,
representing 26.72 per cent, the local governments got N86.2 billion or
20.60 per cent of the amount distributed, while N47.2 billion,
representing 13 per cent derivation revenue was shared among the oil
producing states.
The
minister put the gross revenue received for the month of December at
N490.03 billion noting that the amount was lower than the N500.07
billion received in the previous month by N10.04 billion.
Yuguda
said a 12 per cent drop in crude oil prices between the month of
October and November last year had a negative effect on revenue
accretion to the federation account.
He
said the Excess Crude Account dropped by about $610 million from the
$3.1 billion in December to $2.49 billion as of January 16.
No comments:
Post a Comment