Kunle Aderinokun
28 May 2007
Abuja — The incoming administrations would have a lot of funds at their disposal as the three tiers of government namely the Federal, State and local governments has shared a total of N98.032 billion, being excess crude proceeds for April, in addition to their statutory allocations of N237.806 billion.
These funds were approved by the Federation Account Allocation Committee (FAAC) at the weekend in Abuja, just four days to the end of the present administrations.
The excess crude proceeds, which represented an increase of N36.117 billion or 58.33 per cent over the previous month's amount, was distributed in two tranches of N88.085 billion and N9.947 billion and made up the total amount shared for the month under to N335.838 billion.
According to a communiqué issued yesterday in Abuja at the end of the monthly meeting of FAAC and signed by the Accountant-General of the Federation (AGF), Alhaji Ibrahim Dankwambo, the total fund of N335.838 billion declared and recommended for distribution for the month represented an increase of N4.859 billion or 1.47 per cent over N330.979 billion for the prior month.
From the excess crude proceeds shared for the month under review, the Federal Government received N40.370 billion (52.68 per cent); the states got N20.476 billion (26.72 per cent) and the local government settled with N15.786 billion (20.60 per cent).
The remaining N11.451 billion represented derivation fund, that is 13 per cent of mineral revenue for the nine littoral states including Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers.
A summary of N237.806 billion revenue distributed revealed that statutory allocation of N213.6 billion was shared while value added tax stood at N24.206 billion.
Beside the excess crude proceeds, the sum of N256.238 billion generated revenue was made available for distribution for the month.
A sectoral breakdown of the fund showed that N220.119 billion was realised as sundry mineral revenue while N36.119bn represented non-mineral revenue.
However, from the total, N40.771 billion was transferred to excess crude, petroleum profit tax (PPT) and royalty while N882.007 million and N984.831 million, being four per cent cost of collection for the Federal Inland Revenue Service (FIRS) and seven per cent cost of collection for the Nigeria Customs Service (NCS) were deducted.
The net amount of N213.600 billion was distributed amongst the beneficiaries of the account, according to their respective proportion: N100.242 billion (52.68 per cent) for the Federal Government, State; N50.844 billion (26.72 per cent) for Governments and; local government councils, N39.198 billion (20.60 per cent). The nine littoral states got the remaining N23.315 billion as derivation fund.
From the VAT worth N24.206 billion, the Federal Government was shared N3.630 billion (15 per cent); the states received N12.102 billion (50 per cent) and the local government councils got N8.472 billion (35 per cent).
Be the first to Write a Comment!
Copyright © 2007 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
