THE three tiers of government has shared a total of N581.498 billion as revenue for the month of January
Information released by the Ministry of Finance on its website, at the weekend, stated that the sum of N581.498 billion was shared between the three ties of government for the month of January 2014.
It said that the gross revenue of N479.950 billion received for the month was lower than N597.752 billion received in the previous month by N117.802 billion.
This, according to the Ministry, is as a result of serious disruptions recorded in production and lifting operations due to sustained vandalism of pipelines and force majeure declared at Bonny Terminal.
“The distributable statutory Revenue for the month is N473.607 billion. The sum of N7.617 billion refund by NNPC was also distributed,” according to the official website.
It also said that the sum of N35.549 billion is proposed for distribution under the SURE-P for the month of January.
“The Federal Government received the sum of N221.61 billion, excluding VAT; and 52.68 percent while state government got N112.176 billion and Local government got N86.483 billion, excluding VAT. N48.461 was set aside for distribution amongst the oil producing states as derivation revenue,” the statement explained.
Source: Guardian
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