FAAC: Fed Govt, states, councils share N655b in December

The three tiers of government have started 2018 on a good note as members of the Federation Account Allocation Committee (FAAC) yesterday shared N655.177 billion for the December 2017.

Addressing reporters at the end of the monthly FAAC meeting on December 2017 disbursements, the minister of finance and chairman of FAAC, Mrs Kemi Adeosun, stated that N540.446 billion was shared as statutory disbursements.

However, after deducting costs of collection for the Customs and Federal Inland Revenue Services (FIRS) the federal government pocketed N252.543 billion, states, N128.093, local governments got N98.755 billion while N47.738 billion shelled out as 13 per cent derivation to oil producing states.

After making statutory deductions to FIRS, the three tiers also shared N80.604 billion from proceeds of Value Added Tax (VAT) with the federal government receiving N13.091 billion, state governments, N40.302 billion and local governments N28.211 billion.

According to the minister,  gross revenue of N540.446 billion received for the month was lower than the N549.533 billion received in the previous month by N9.087 billion.

Adeosun noted that the decrease in crude oil export sales by 0.59 million barrels resulted in decreased revenues from export sales of $11.65 million.

The finance minister also disclosed that the accruals into the Excess Crude Account still stands at $2.317 billion.

Also speaking after the meeting, the chairman of finance commissions forum Alhaji Mahmoud Yunusa said many states governments have keyed into the efficiency unit which has been working favourable for the states.

Yunusa from Adamawa state many state governments have embarked on cost cutting measures after adopting the efficiency unit protocol which is part of the fiscal responsibility plan that they have all agreed to adopt.