Photo: Leadership

Oil refinery

The Federal, states and local governments have shared N567.708 billion naira for as monthly allocation for the month of December, 2012.

According to a communique released at the end of the Federation Account Allocation Committee meeting Tuesday, the Federal Government got N217.425 billion while states and local governments got N110.281billion and N85.022 billion respectively.

N49.705bn went to the oil and mineral resources producing states as 13 percent derivation.

For the Value-Added Tax, the Gross revenue available for sharing was N57.535 billion as against N62.723 billion distributed in the preceding month resulting in a decrease of N5.188 billion.

For VAT distribution, the Federal Government got N8.285 billion, states got N27.617 billion while Local governments got N19.332 billion.

The gross revenue for the month was N581.059 billion was higher than the N569.459 by N11.600 billion. This resulted from the higher export. Sales volume in November despite the effects of bunkering and maintenance works on crude oil production and lifting.

While N7.617 billion refunded by the NNPC was shared, the sum of N35.549 billion was proposed for distribution under the Subsidy Reinvestment Programme (SURE-P).

The minister of state for finance, Barrister Lawal Ngama has said the Federal Government accessed 1billion USD from the Excess Crude Account for supplementary budget in order to pay subsidy fund. He said the Excess Crude Account now stands at 9.242 USD. He added that the Foreign reserve currently stands at over 42 billion USD.

According to the minister, this month's allocation will be shared based on last year's budget if the 2013 budget is not passed in time.