FG, States Share N387.7bn December 2015 Allocation In January 2016.

Finance minister, Kemi Adeosun; credit: Twitter/NGRSenate
Nigeria’s three tiers of government, at the end the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja on Tuesday, shared the allocations for the month of December 2015, a total sum of N387.7 billion.The Nation reports that the amount shared is N17.88 billion more than the N369.8 billion shared for the month of November.

Permanent secretary of the federal ministry of finance, Alhaji Mahmoud Isa-Dutse, standing in for the minister of finance, Mrs Kemi Adeosun, said that the money was distributed from a statutory allocation of N315.01 billion; Value Added Tax worth N62.07 billion; an exchange gain of N4.35 billion; and a refund made by the Nigeria National Petroleum Corporation (NNPC) for debt owed the Federation Account which was N6.33 billion.

Mahmoud said further that from the statutory allocation, the federal government got N147.56 billion after deducting the cost of collection while the 36 states received N74.84 billion and local governments received N57.7 billion.

From VAT, the federal government got N8.93 billion representing 15 per cent of the total amount while the states received N29.79 billion or 50 per cent and local governments went away with N20.85 billion representing 35 per cent of the total sum.

Story: The Nation