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FAAC approves N1.196 tr for three tiers of governments

By on October 14, 2013

The Federation Account Allocation Committee (FAAC) has approved the disbursement of N1.196 trillion to the three tiers of government for the two months of August and September.

At the end of August and September 2013, the net statutory disbursements to the Federal Government was N484,429,000,000 or (52.68 per cent); the 36 States and the Federal Capital Territory (FCT) N245,708,000,000 or (26.72 per cent) and the 774 Local Government Areas including the six Area Councils of the FCT N189,431,000,000 or (20.6 per cent).

Of the N1.19 trillion is N127,661,000,000 Value Added Tax (VAT) proceeds for the two months distributed among the Federal Government (N19,149,000,000); States (N63,831,000,000) and Local Governments (N44,682,000,000).

N35,549,000,000 was shared from the Subsidy Reinvestment and Empowerment Programme (SURE-P) by all the tiers of government and an additional N7,617,000,000 from the continued monthly instalmental payment from the Nigeria National Petroleum Corporation (NNPC).

Minister of State for Finance and Chairman of FAAC, Yerima Lawan Ngama said the month of September witnessed a drop in revenue which accrued into the federation account by N22.783 billion “due to the slight decline in crude oil production as a result of Force Majeure declared at Brass Terminal, maintenance issues and theft.”

With this, only the actual accruals into the federation account were shared for the two months as earlier agreed by all the parties to end the culture of augmenting monthly allocations which fell short of the budgeted sum for the month.

 

 

[Daily Independent]

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