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Issues In The News

FG, states, councils get N628.8b as Nov. allocation

THE Minister of State for Finance, Mr Bashir Yuguda, says the federal, states and local governments shared N628.8 billion as revenue for the month of November.

Yuguda made this known when he briefed newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja.

He said the distributable statutory revenue for the month was N427.6 billion, comprising N35.5 billion from SURE-P and N6.3 billion refunded by NNPC to the Federal Government of Nigeria.
According to him, another N6.1 billion was shared as part of exchange gain for the month.

“So, the total revenue distributable for the month, including Value Added Tax (VAT) of N60.6 billion and another N55.6 billion payment from NNPC is approximately N628.8 billion,’’ he said.
Yuguda said a breakdown of the distribution showed that the Federal Government received N196.4 billion, representing 52.68 per cent; and states, N99.649 billion, representing 26.72 per cent.

He further said that the local governments received N76.8 billion, amounting to 20.60 per cent of the amount distributed.

The minister said that N39.9 billion, representing 13 per cent derivation revenue was also shared among the oil producing states.

On VAT, Yuguda said the gross revenue collected for the month of November was N60.6 billion as against the N67.1 billion distributed in October, representing an increase of N3.5 billion.

He said that the nation generated N383.1 billion as mineral revenue in November as against the N420 billion in the month of October.

The minister said that this figure showed a marked decrease of N34.4 billion between the two months.

Yuguda said also that the non-Mineral revenue for November was N115.1 billion as against the N116.7 billion it generated in October.

He rounded up the briefing with the balance of the Excess Crude Account, which was 3.1 billlion dollars, which was less than the balance it had in the month of October by one billion dollars.
Earlier, the Minister of Finance, Dr Ngozi Okonjo-Iweala, who was at the meeting, said she was there to parley with states to work hard in boosting their internally generated revenue.

“As you can see, we are in for some hard time. It is time for all of them to look towards raising more internally generated revenue.

“But in the medium term, we will also look at tax policy, issues like the VAT.
“You know governors already rose from their last nationally economic council to say that they will like the VAT to be looked at,’’ Okonjo-Iweala said. (NAN)

About TransformationWatch

TransformationWatch is an online news site founded by Henry Omoregie It is focused on keeping tabs on the Transformation Agenda set out by the Nigerian leadership in the Local, State and Federal Governments. My mission is to observe, analyze and report milestones or slowdowns in promised service delivery in all the facets of governance in Nigeria (2011 and beyond). Readership is open to all Nigerians and friends of Nigeria alike, regardless of Tribe, Religion or Political divide. We are all in this together

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