Allocation Drops As FAAC Distributes N580.378 bn To FG, States, LGs

The Minister of Finance, Dr. Ngozi Okonjo-Iweala

The reality of the falling global oil price seem to have caught up with Nigeria as the Federal Accounts Allocations Committee (FAAC) on Friday distributed to the three tiers of government the sum of N580.378 billion for the month of December 2014.

The amount shared indicates a short fall of N12.848 billion compared to N 628.775 billion shared in November  2014.

A breakdown showed that the Federal Government got 220.484 billion, the states N111.832 billion while the Local Governments went home with 86. 218 billion.

Also distributed by FAAC is the 13 percent derivation of N47.221 billion. The FG, states and LGs also shared the Value Added Tax (VAT), Excess Crude Account (ECA) and NNPC refund to Federal Government of N70.527 billion, N15.631 billion and N6.330 billion respectively.

Minister of state for Finance, Bashir Yuguda while briefing journalists after the meeting in Abuja said that the excess crude account now stands at 2.059 billion Dollars.

Fielding questions from journalists on the economy, Bashir Yuguda, said states have been advised to key in with the Federal government to see the measures taken to mitigate against the dwindling oil price.

He also disclosed that $1billon investment certificate was given to the 36 states even as he added that the states got the highest share of VAT money for the month.