FEDERAL,STATES AND LOCAL GOVERNMENTS SHARE N559.101 BILLION

The federal, states and local governments shared  N559.101 billion from the federation account for December 2011,The minister of state for finance, Dr.Yerima Ngama has revealed. Dr.Ngama stated this while briefing newsmen on Monday after the meeting of the federation accounts allocation committee (FAAC) in Abuja. He stated that the federal government approved the said amount to the three tiers of government. The minister however disclosed that due to late arrival of the figures, FAAC was not able to compute  the figures to the tiers.‘but by tuesday morning, the breakdown of the figures would be distributed and made known to the public, he said.

Ngama said the strike called by the organized labour had affected the speed with which some of the information needed was to be gathered for FAAC.

“This is as regards especially the information on internally generated revenue  and value added tax(VAT),”he said

The minister pointed out that it was while the committee was still meeting that it received the confirmation of the total VAT for December.

“The figure of  N57.1 billion for this was received from the office of the  Accountant  General of the federation as we were meeting,he said.

Ngama assured Nigerians that the funds would be credited to the account of the various beneficiaries as soon as possible after work fully resumes on tuesday.