14 October 2012

Nigeria: FG, States, LGs Share N574.402 Billion

...as Excess Crude Account hits $8.4bn

The three tiers of government, have shared N574.402bn from the revenue that accrued into the statutory Federation Account and proceed from the Value Added Tax, VAT, in the month of September.

The total amount shared is made up of statutory distribution of N460.759b and VAT revenue of N64.229bn. Other sources of revenue were N35.549bn for the Subsidy Reinvestment and Empowerment Programme, SURE-P, as well as augmentation of N13.008bn for the month were among the amount shared.

The minister of state for finance, Dr. Yerima Ngama, who briefed journalists at the end of the Federation Account Allocation Committee , FAAC, meeting, who represented the minister of finance, put gross revenue at N594.701 billion, representing an increase of N29.817 billion against the N564.884 billion in the preceding month.

The minister attributed the increase in revenue to rise in crude oil production and export and an increase in the price of crude oil in the international market.

The minister also disclosed that the Federation Account Allocation Committee transferred N1.7bn to the Excess Crude Account bringing the new balance in the account to $8.4bn.

On the NNPC indebtedness to the Federation Account, the minister said that the corporation has been consistent with the repayment of its debt with the additional payment of payment of N7.617 to the N99.021bn earlier paid, bringing the total sum to N106.638bn. This he said was made up of a monthly remittance of N7.617bn monthly for the past 14 months.

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