Allocations shared by the three tiers of government from the Federation Account fell by a margin of 13.5% (N69.19bn) from N511.79bn in July to N442.6bn in August 2015.
According to the Permanent Secretary, Federal Ministry of Finance, Mrs. Anastasia Nwaobia who briefed journalists at the end of the Federation Accounts Allocation Committee meeting, the amount was shared under three distributable sub-heads.
Here are the sub-heads:
Statutory Allocation ; N369.1bn
Value Added Tax (VAT) Distribution; N62.17bn.
Refund by the Nigerian National Petroleum Corporation (NNPC); N6.3bn.
Out of the amount shared under statutory allocation, the Federal Government received N168.6bn, representing 52.68 per cent, while states and local governments got N85.52bn and N65.93bn respectively.
On the basis of the 13% derivation formula, the nine oil producing states shared an additional N27.87bn.
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