News: FG, states, LGs shared N7.75 Trillion in 2014

The Federation Accounts Allocation Committee shared a
total sum of N7.75trn among the three tiers of government
within the 2014 fiscal period.
An analysis of the monthly distribution made by our
correspondent also showed that the N7.75trn distributed in
2014 represents a decline of N150bn or 1.89 per cent over
the N7.9trn which the committee allocated in the 2013
fiscal period
The committee, headed by the Minister of State for Finance,
Amb Bashir Yuguda, is made up of commissioners of
finance from the 36 states of the federation; the Accountant
General of the Federation, Mr. Jonah Otunla and
representatives from the Nigerian National Petroleum
Corporation.
Others are representatives from the Federal Inland Revenue
Service; the Nigerian Custom Service; Revenue Mobilisation,
Allocation and Fiscal Commission as well as the Central
Bank of Nigeria
The federation account is currently being managed on a
legal framework that allows funds to be shared under three
major components-statutory allocation, Value Added Tax
distribution; and allocation made under the derivation
principle.
Under statutory allocation, the Federal Government gets
52.68 per cent of the revenue shared; states, 26.72 per
cent; and local governments 20.60 per cent.
The framework also provides that Value Added Tax revenue
be shared thus: FG, 15 per cent; states, 50 per cent; and
LGs, 35 per cent
Similarly, extra allocation is given to the nine oil producing
states based on the 13 per cent derivation principle.
A breakdown of the N7.75trn figure for 2014 shows that the
month of June had the highest allocation of N755.95bn
while September with N693.53bn and May with N683.89bn
followed respectively.
The sum of N621.12bn was allocated in January, February
had N641.29bn, while N641.38bn, N634.72bn and
N654.58bn was distributed in March, April, and July
respectively.
For the months of August, October, November and
December, the committee distributed N611.76bn,
N593.34bn, N628.77bn and N580.37bn in that order
respectively.
On the revenue side, investigations revealed that the
country generated a total sum of N7.29trn in 2014 from oil
and non oil revenue sources. CLICK HERE TO READ FULL AND TOUCHING NIGERIAN CELEBRITIES BIOGRAPHY AND SCANDALS

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