The Federal Government has commenced the implementation of the 2013 budget with the release of N400 billion capital vote, after sharing N886.402 billion among the three tiers of government.
The distribution of the N886.402 billion was undertaken at the monthly Federation Account Allocation Committee, FAAC, over which the Accountant-General of the Federation, AGF, Mr. Jonah Otunla, presided, in Abuja, yesterday.
Mr. Paul Nwabuikwu, Special Adviser to the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, announced the release of the first quarter capital allocation in a separate statement.
The N886.402 billion shared at the FAAC meeting was made up of N450.263 billion as statutory disbursements to the federal, state and local governments; N62.707 billion as Value Added Tax, VAT; N173.505 billion augmentation for the month; N35.549 billion from SURE-P; N7.617 billion refund by the Nigeria National Petroleum Corporation, NNPC, and N156.761 arrears of January, 2013 augmentation.
An analysis of distribution among the three tiers of government showed that the federal government took N209.856 billion or 52.68 per cent , state governments received N106.442 billion or 26.72 per cent while the 774 local governments got N82.062 billion or 20.60 per cent from the statutory allocation.
The AGF said: “There has been a drop of N52 billion from the anticipated revenue, out of the total N512.97 billion available, N131.4 billion went to excess crude account leaving the recipe of N450.26 billion, and this when discounted further by the cost of collection by Federal Inland Revenue Service, FIRS, and Nigeria Customs Service, we have N445.84 billion as the next statutory allocation.”