The Minister of Finance, Mrs Kemi Adeosun, said the Federal Government lost $65.4 million to oil vandals just as the Federation Account Allocation Committee (FAAC) shared N400 billion, at its December allocation. Adeosun said the allocation was N13.1 billion more than what the three tiers of government shared as revenue for November 2016.
She said the N400 billion was distributed under “four distributable sub-heads”. They are statutory allocation where the sum of N224.88 billion was allocated; Value Added Tax (VAT) N79.27 billion, exchange gain N52.84 billion and excess Petroleum Profit Tax (PPT) N42.99 billion.
From the statutory allocations, the minister said after deducting cost of collections to the revenue generating agencies, the Federal Government got N105.76 billion, states N53.64 billion and local government councils N41.35 billion. In addition, she said the sum of N15.5 billion was given to the oil producing states based on the 13 per cent derivation principle.