The three tiers of Government has shared N580.37bn as December revenue from the Federation Account Allocation at the end of its monthly meeting in Abuja.
The figure is however a far cry from the N628,77bn shared in the month of November.
Minister of State for Finance, Amb. Bashir Yuguda while briefing the media at the end of the FAAC meeting disclosed that the gross revenue from Value Added Tax, was N73.46bn as against N60.63bn distributed in the preceding month.
Amb. Yuguda also stated that the gross revenue of N490.03bn received in December was lower the than the N500.07bn received in November.
He pointed out that a 12% drop in crude oil price from $87.8m to $77.5m in November leading to a $62.8m loss in revenue and a 52% loss in volume, coupled with 31% price drop, all affected negatively the federation equity.
HOMELAND NEWS learnt that the excess crude account is now $2.49bn, while the NNPC has been officially reminded to expedite action in payment of the balance of N776m it is owing the three tiers of government after refunding N6.33bn.
