Lagos yet to receive 13 per cent derivation – FG

The Minister of Finance, Mrs Kemi
Adeosun, on Thursday in Abuja said that
N443.6 billion was shared among the
federal, states and local governments as
revenue realised in July and tha Lagos state
has not started receiving the 13 per cent
derivation.
Adeosun, who was represented by the
Permanent Secretary, Mr Mahmoud Isa-
Dutse, announced this while addressing
newsmen on the outcome of the Federation
Accounts Allocation Committee (FAAC)
meeting.
The amount is 11 per cent less than the
N559 billion that was distributed in July.
“The distributable statutory revenue for the
month is N268.7 billion.
“The sum of N6.3 billion was refunded to
the Federation Account by Nigerian National
Petroleum Corporation (NNPC).
“There is a distribution of N1.3 billion
excess bank charges recovered from 2008 to
2012.
“Also, there was the exchange gain of N70
billion for the current month and N36.4
billion arrears for May which were also
proposed for distribution.”
Giving the breakdown of revenue among the
three tiers, Adeosun said the Federal
Government received N129.2 billion,
representing 52.68 per cent while states got
N65.5billion, representing 26.72 per cent.
The local governments, she said, received
N50.5 billion, amounting to 20.60 per cent
of the amount distributed.
She said N12.8 billion, representing 13 per
cent derivation revenue was shared among
the oil producing states.
Adeosun also said that during the month
under review, the country generated N119.4
billion as mineral revenue and N168.4
billion as non-mineral revenue, showing a
decrease of N250.9 billion from both
sources.
The minister said that the country’s Excess
Crude Account stood at 3.03 billion dollars.
She explained that the main cause of the
decline in revenue was mainly attributable
to the reduction in the quantity of petroleum
sold due to the activities of vandals in the
Niger Delta.
Adeosun also said that Lagos State had not
started receiving the 13 per cent derivation
from the sale of crude oil.
“Lagos state has not started receiving the
13 per cent derivation because the money
has not started coming in yet; it is after the
actual export that the money would be
realised and it would be given the
derivation.’’

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