The Federal, States and Local Governments have shared a total of N628.775<\/p>\n
billion as federal allocation for the month of November 2014.<\/p>\n
From this amount, the Federal Government got N196.463 billion (52.68%);
\nthe State Governments got N99.649 billion (26.72%) and the Local
\nGovernments got N76.825 billion (20.60%). The oil producing States got
\nN39.915 billion as 13% derivation revenue.<\/p>\n
A communiqu\u00e9 issued by the Federation Accounts Allocation Committee (FAAC)
\nindicated that the gross revenue received for November was N500.076
\nbillion. This amount, when compared to the N536.692 billion received in
\nOctober 2014 showed a decline of N36.616 billion.<\/p>\n
The decline in federal revenue in November 2014 according to the
\ncommuniqu\u00e9 was attributed to the drastic drop of 33% in export volume
\nbetween Sept. and Oct., 2014 and a further drop in Crude Oil price from
\nUS$96.81 in September to US$87.78 in October impacted negatively on the
\nrevenue for the month.<\/p>\n
Also, the on-going Force Majeure by Shell since June, 2014 and the
\nincessant shut down and Shut-in of Trunks and Pipelines at various
\nterminals also contributed negatively.<\/p>\n
The distributable Statutory Revenue for November was N427.654 billion. The
\nGross Revenue available from the Value Added Tax (VAT) was N60.638
\nbillion. The sum of N35.549 billion available from the Subsidy
\nReinvestment Programme (SURE-P), added to the total distributable revenue
\nfor the month.<\/p>\n
According to the Communiqu\u00e9, the sum of N6.330 billion was refunded by the
\nNNPC to FGN. There is an exchange gain of N6.130 billion which is proposed
\nfor distribution and also additional amount of N55.601 billion received
\nfrom NNPC which is also proposed for distribution, bringing the total
\nrevenue distributable for the current month (including VAT) at N628.775
\nbillion.<\/p>\n
PRNigeria<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The Federal, States and Local Governments have shared a total of N628.775 billion as federal allocation for the month of November 2014. From this amount, the Federal Government got N196.463…<\/p>\n","protected":false},"author":1,"featured_media":27381,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-34350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n