FG gets N235bn from March revenue
…As state governments earn N119.278bn
From ISAAC ANUMIHE, Abuja
Monday, April 23, 2012
•Sambo
Federal Government, last weekend, got a total of N 235.163 billion from the statutory distributable revenue of N496.308 billion for the month of March 2012, while state governments got N119.278 billion, and local governments got N91.958 billion, with N49.908 billion going to derivative states.
Speaking at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja, Minister of State for Finance, Dr Lawan Yerima Ngama, said for Value Added Tax (VAT) of N64.229 billion, which was also distributed for the month, the Federal Government got N9.6384 billion, while states got N32.115 billion, and local governments got N22.48 billion.
“Now that we have successfully ended the FAAC meeting for the month of March 2012, I am happy to announce to you that for the month under consideration, the total funds available for distribution has increased.
“We collected N726.772 billion in the month of March, which has exceeded the projected funds, as per the 2012 budget by N224.216 billion.” he said.
That shows that the revenue accruable to the federation account is higher than the budgeted because of the actual price of crude oil.
“However, compared to last month, we have had a slight reduction of about N40 billion because of shortfall in the total amount of crude oil that is exported. The total funds that are available statutory allocations for distribution is N496.308 billion and the total VAT collected which is also available for distribution is N 64.229 billion.
“These are almost the same with the actual collected for the month because the actual has N497.731 billion for the statutory allocation and the actual VAT collected is N59.529 billion which is slightly below the budget. Because these two amounts are almost the same there is no need for any augmentation for the month of March. So, we did not draw from the excess crude to augment any because we have enough revenue to distribute to all tiers of government. We also distributed exchange gain.
“Over the years we have been accumulating exchange gain and we decided to distribute part of it because when you have too much gain there is no need to continue. You have to distribute. We are distributing N48.82 billion as exchange gain. Then the normal repayment from NNPC has also been received and that is N7.617 billion. So, the total distribution for statutory allocation is as follows.
“Federal government will get 235.163 billion, state governments will get N119.278 billion, local governments will get N91.958 billion and we are distributing 49.908 billion as the derivation to the oil producing states. For VAT, of the total 64.229, the federal government is getting N9.6384 billion; states will get N32.115billion while local governments will get N22.48billion.” he said.
