The Federal, State and Local Governments in Nigeria shared the sum of N647.39 billion from the Federation Account on Wednesday, raising hope that workers will receive their salaries before the Easter break.
The FAAC meeting for the sharing of the allocation was initially stalled on Tuesday due to disagreement over revenue figure presented by the Nigerian national Petroleum Coporation (NNPC), but the Minister of Finance, Mrs. Kemi Adeosun reconvened the meeting today to resolve the differences.
The money shared was the revenue collection for the month of February 2018 which was approved at the Federation Account Allocation Committee (FAAC) meeting on Wednesday.
The FAAC meeting, which was presided over by the Minister of Finance, Mrs. Kemi Adeosun, was attended by a representative of the Permanent Secretary and Director of Home Finance in the Federal Ministry of Finance, Mrs. Olubunmi Siyanbola; Accountant General of the Federation, Mr. Ahmed Idris; Chairman of Finance Commissioners’ Forum and Adamawa State Commissioner for Finance, Hon. Mahmoud Yenusa; States’ Commissioners of Finance and Accountant-Generals, and representatives of revenue generating agencies.
Adeosun, who spoke to journalists at the end of the Committee’s meeting, said the N647.39 billion distributed to the three tiers of government was N11.836 billion higher than the N635.554 billion shared in the previous month
Statutory revenue accounted for N557.943 billion of the total revenue distributed on Wednesday while Value Added Tax accounted for the balance of N89.447 billion.
The total revenue distribution in the previous month was made up of statutory revenue of N538.908 billion and Value Added Tax of N96.646 billion.
Giving further breakdown of the revenue distribution, the Finance Minister said the Federal Government received N257.927 billion of the net statutory revenue as against the N249.366 billion received in the previous month, while the State and Local Governments’ share of the statutory revenue was N130.824 billion and N100.86 billion, respectively.
The States and Local Governments last month got N126.482 billion and N97.512 billion, respectively.
The 13% derivation accounted for the balance of the statutory revenue of N57.356 billion.
The 36 States received Value Added Tax of N42.935 billion compared with N46.39 billion received in the previous month, while the Federal and Local Governments received VAT of N12.88 billion and N30.054 billion, respectively.
Both Federal and Local Governments had received N13.917 billion and N32.473 billion, respectively, from VAT in February 2018.
