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Published On: Tue, Aug 19th, 2014

FG, states, LGs share allocation of N654.6bn for July

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 By Etuka Sunday

Federal, states and local governments have shared the total sum of N654. 585 billion as revenue from the Federation Account for the month of July as against the N755.95 billion shared in the previous month.

The amount was approved for sharing among the three tiers of government at the Federation Accounts Allocation Committee (FAAC) meeting held yesterday in Abuja.

It also approved the transfer of N4.411billion to the Excess Crude Account (ECA).

Giving the breakdown, the Minister of State for Finance, Ambassador Bashir Yuguda said, N541.343 billion was shared under net statutory allocation and N65.467 billion was distributed under Value Added Tax (VAT), as against the 66.414 billion distributed in the preceding month, resulting in a decrease of N0.947 billion.

Yuguda, who presided over the FAAC meeting, put the gross revenue received in July at N630.325 billion, lower than the N784.886 billion received in the previous month by N 154.561 billion.

Further decline of revenue in the month of July was attributed to the Force Majeure declared by Shell and a series of Shutdown of Trunklines and Pipelines at various Terminals, including Akpo and Bonny Terminals.

Also the substantial decline in Companies Income Tax (CIT) collection contributed to the dip in revenue for the month.

The sum of 35.459 billion was proposed by FAAC for distribution under SURE-P Programme.

Speaking shortly after the meeting, the Chairman Finance Commissioners, Mr. Timothy Odaah

Said the meeting also looked at the demands of judicial workers that culminated in a strike action which was recently called off.

Recall, the judicial workers, under the auspices of Judicial Staff Union of Nigeria had protested the non-implementation of an Abuja High Court judgment, which ruled that funding for state judiciary be paid directly to the National Judicial Council from the Federation Account.

Odah said the uncertainties in allocations to the states makes it difficult for the implementation of the ruling therefore, advised all state governments to embark on and complete projects that will generate income and ensure job opportunities for its people.

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