Nigeria’s 36 States Insist On Fuel Subsidy Removal


fuel_subsidy_protest_lagos_2_220265599-400x300Federal, states, local governments share N756 billion for June. The 36 states of the federation yesterday declared that there was no going back on their demand for the Federal Government to put a stop to the removal of subsidy on petroleum products in the country. The Chairman, Finance Commissioners Forum, Timothy Odaah, said extensive discussions on the issued continued during the Federation Accounts Allocation Committee, FAAC meeting, even as the report of its committee was still being awaited. Mr. Odaah was speaking, just as the Minister of State for Finance, Bashir Yuguda, said Federal, States and Local Governments shared revenue allocation of about N756 billion from the Federation Account for June. Mr. Yuguda told journalists at the end of the FAAC meeting that the shared amount comprised funds from statutory oil revenue, Subsidy Reinvestment and Empowerment Programme, SURE-P, excess non-oil revenue and Value Added Tax, VAT sources. According to him, distributable statutory revenue for the month was N582.9 billion, while N35.5 billion was proposed for distribution under the Subsidy Reinvestment and Empowerment Programme, SURE-P. An additional N71 billion, he said, came from the excess non- oil revenue proposed for distribution, with total revenue distributable for the current month, including Value Added Tax, VAT, of N66.4 billion, put at approximately N756 billion.A breakdown of the revenue distribution showed that the Federal Government received N270.144 billion, representing 52.68 per cent; States, N137 billion, representing 26.72 per cent; and Local Governments received N105.6 billion, amounting to 20.60 per cent. SEE MORE ON PAGE 2

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