The Federal, States and Local Government Areas in Nigeria has shared 580 billion Naira, as revenue for the month of December 2014.
The Minister of State for Finance, Mr Bashir Yuguda, gave the figures on Friday at a news briefing on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja.
He said that the shared amount comprised statutory revenue of 474 billion Naira, and 6.3 billion Naira refunded by the Nigerian National Petroleum Corporation (NNPC).
Drop in Crude Oil
Other components of the money, according to him, were Value Added Tax (VAT) of 73.5 billion Naira, and an additional 15.6 billion Naira from the Excess Crude Account which was released to augment shortfall in revenue generated during the period.
Giving the breakdown of revenue among the three tiers of government, Yuguda said that the Federal Government received 220 billion Naira, states got 111 billion Naira, while local governments got a total of 86 billion Naira.
Figures released by the committee showed a drop in crude oil revenues from 87 million dollars in October to 77 million dollars November.
