The Federation Accounts Allocation Committee on Thursday distributed the sum of N629.12bn to the three tiers of government.
The allocation, which is for the month of January, represents an increase of N47.63bn over the N581.14bn shared in December 2013.
A communiqué issued at the end of the meeting and signed by the Accountant-General of the Federation, Mr. Jonah Otunla, said the amount was shared under four major sources.
They are: statutory allocation of N503.68bn; Value Added Tax, N82.27bn; Subsidy Reinvestment and Empowerment Programme, N35.54bn; and refund of the debt owed the Federation Account by the Nigerian National Petroleum Corporation, N7.617bn.
Of the statutory allocation, the Federal Government, after deducting the cost of collection of N5.24bn for the Nigerian Customs Service and Federal Inland Revenue Service, got N235.02bn or 52.68 per cent; the 36 states, N119.20bn or 26.72 per cent; while the local governments were allocated the sum of N91.9bn or 20.6 per cent.
Similarly, the sum of N52.30bn was allocated to the oil producing states based on the 13 per cent derivation principle.
Addressing journalists shortly after the FAAC meeting, Otunla said the country recorded an increase of N60.92bn in gross revenue, from N479.95bn received in December to N540.87bn in January.
He said, “The gross revenue of N540.87bn received for the month was higher than the N479.95bn received in the previous month by N60.92bn regardless of the disruptions in production and lifting operations that were witnessed in the month under review due to maintenance, multiple leaks, pipeline breaks and theft.
“The distributable statutory revenue for the month is N503.68bn. The sum of N7.61bn refunded by the NNPC is also distributed. In addition, the sum of N35.54bn is proposed for distribution under the SURE-P.”
On the Excess Crude Account, the AGF put the balance at $2.1bn.
He also said the committee suggested and approved that the reporting format of the accounts of the NNPC to the Federation Account be changed to give room for more disclosures.
Otunla said, “We examined the accounts and we adopted them. We discussed other matters and we proposed a change in format of some of the reporting agencies, particularly the NNPC, to show us more information.
“We also suggested and it was approved that the Petroleum Products Pricing Regulatory Agency, which is a very significant organ of government in revenue allocation in this country, should also be attending the FAAC meeting, which it used to attend in the past. So, starting from next month, they will join us.”