FG, States, LG Share N675.7 billion November Allocation

Posted by African Examiner Business News, Government Buz, Latest Headlines Friday, December 13th, 2013

Muyiwa Bamidele, Abuja

The Federation Accounts Allocation Committee has shared a total of N675.7 billion as statutory revenue allocation for the month of November.

Minister of Finance Dr Okonjo Iweala

The minister of state for finance and Chairman of FAAC, Yerima Ngama said total revenue available for distribution among the three tiers of government, including the value added tax, VAT, collection of N91.730billion, was N675.7billion.

He said gross revenue receipt for the month stood at about N597.75billion, which was higher than the budgeted figure of N465.057billion by N25.708billion, and more than N443.052billion allocation for October by N58.199 billion or 47.7 per cent.

Other details of the allocation also showed that mineral revenue was N490.765 billion, while about N56.998 billion was transferred to the Excess Crude revenue, Petroleum Profit Tax, PPT, and Oil Royalty account.

Also included in the allocation for distribution was NNPC’s refund of N7.617 billion, and N35.549 billion proposed for distribution under the Subsidy Reinvestment and Empowerment Programme, SURE-P.