FAAC SHARES N655.177 BILLION FOR THE MONTH OF DECEMBER, 2017.

January 25, 2018

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The three tiers of government have received the allocation of 655.177 billion naira from Federation Account Allocation Committee for the month of December, 2017.
The gross revenue available from the Value Added Tax was 83.963 billion naira as against 80.426 billion distributed in the preceding, resulting in an increase of 3.537 billion naira.
Minister of Finance, Kemi Adeosun, who addressed newsmen after the meeting late night on Tuesday in Abuja, disclosed that the gross statutory revenue of 540.446 billion received for the month was lower than the 549.533 billion received in the previous month by 9.087 billion naira.
She said the decrease in crude oil export sales by 0.59 million barrels resulted in decreased revenue from export sales of $11.65 million.
Adeosun further revealed that the Federal government received N252.543 billion, States government got N128.093 billion and Local Government councils were given N98.755 billon, while oil derivation States got N47.738 billion.
In the meantime, the minister said the excess crude account remains 2.317 billion dollars.