Oil producing states get N27.703bn as derivation

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The oil-producing states of the country got N27.703 billion as Derivation Fund for December 2015, according to the Federation Accounts Allocation Committee, FAAC.

Mrs. Kemi Adeosun, Finance Minister.
Mrs. Kemi Adeosun, Finance Minister.

The Federation Accounts Allocation Committee recently shared a total revenue of N367.411 billion among the three tiers of government for December 2015.

The amount was made up of  N307.411 net statutory allocation for the month and N59.588 Value Added Tax proceeds.

Also Read: Revert To 50% Derivative For Oil States – Ijawa Youths To FG

Permanent Secretary in the Federal Ministry of Finance, Mohammoud Isa-Dutse, stated that out of the N307.411 statutory allocation, the Federal Government received N147.567 billion, states got N74.84 billion and the local governments collected N57.705 billion.

The oil-producing states, he said, got N27.703 billion as Derivation Fund. As for Value Added Tax, VAT, the Federal Government received N8.938 billion while  states got N29.794 billion, with local governments sharing N20.856 billion.

Also Read: HOSCON Calls On Buhari to Cease Payment Of 13% Derivation Funds to Niger Delta Governors

According to  Isa-Dutse, the revenue for December, was N17,889 billion higher than November’s N369.882 billion.

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