How Nigerian Govts. Shared The National Cake In December
As you may know, the type of government Nigerian practices is the one that allows them to gather at the Federal Capital Territory, Abuja.
The Commissioners for Finance are usually armed with knives and saucers to receive portions of the national cake.
The three tiers of government, as usual, shared a total of 655.17 billion naira, being the allocation for December 2017.
The money was distributed by the Federation Account Allocation Committee, FAAC.
The Minister of Finance, Kemi Adeosun, who presided over the meeting that lasted for over four hours, confirmed the amount while briefing journalists in Abuja.
The 655.17 billion naira shared for December was 45.7 billion naira higher than the 609.9 billion naira allocated in November.
Giving a breakdown of the statutory distribution, Adeosun said after deducting costs of collection to the Nigeria Customs Service and the Federal Inland Revenue Services, the Federal Government got 252.54 billion naira; the 36 states, 128.09 billion naira; while the 774 local government councils got 98.75 billion naira.
In addition, the minister said the sum of 47.73 billion naira was given to the oil producing states based on the 13% derivation principle.
In terms of Value Added Tax receipts, she noted that after making statutory deductions to the FIRS, the three tiers of government shared 80.60 billion naira, with the Federal Government receiving 13.09 billion naira; state governments, 40.30 billion naira; and local governments, 28.21 billion naira.
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