FG, States, LG share N388bn in April

Bashir YugudaThe federal, states and local governments shared N388 billion as statutory allocation for the month of April, 2015, the Minister of State for Finance, Bashir Yuguda said on Friday.

He made the announcement in Abuja during a press briefing on the outcome of the end of this month’s Federation Accounts Allocation Committee (FAAC) meeting.

According to the minister, “The total revenue distributable for the month of April, including VAT of N75.1bn, is N388bn”.

Giving the breakdown of revenue among the three tiers of government, Yuguda said the Federal Government received N132.1bn, representing 52.68 per cent; while the 36 states got N67bn, representing 26.72 per cent. The local governments, he said, received N51.6bn, amounting to 20.60 per cent of the amount distributed.

He also announced that N23.1bn representing 13 per cent derivation revenue was shared among the oil producing states.

On the steady decline of revenue shared in the past months to the three tiers of government, the minister explained that “frequent shut down and shut-in-trucks and pipelines at terminals continued to impact negatively on crude oil revenue”.

Mr. Yuguda, therefore, advised the incoming administration to focus on the diversification of the economy, good governance and blocking of all revenue leakages to attain optimum service delivery.