The Federal Government, states and local government councils
have shared a total of N71, 098, 471, 382.86, saved from the partial withdrawal of subsidy on fuel, the Coordinating Minister for Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala has disclosed.
The amount was saved in the months of January and February, this
year. N35, 549, 235, 691.43 was saved each in the two months totaling
the said amount shared by all the tiers of government.
The document containing the breakdown which was signed by the
minister stated that “the subsidy saving for the two months was based on
benchmark of $90 per barrel and at partial subsidy phase-out of N97 per
litre”.
The breakdown also revealed that the federal government along with
certain derivable claims as well as the Federal Capital Territory (FCT)
got N16, 292, 738, 505.15 in each month, totaling N32, 585,477,010.3,
the 36 states got N12,885,318,165.66 in each month, totaling
N25,770,636,331.32 while the 774 local governments including the six in
the FCT got N6,371,134,020.62 in each month, totaling
N12,742,268,041.24.
In each month, the federal government got N15 billion while its
shares of derivation and ecology was N309 million, stabilization account;
N154 million, development of Natural Resources; N519 million, with FCT
share which was calculated along with FG’s, standing at N309 million,
making N618 million in two months.
For the states which had the 13 per cent derivation added to their
package, Akwa Ibom state got the highest allocation with
N1,487,308,259.25 in each month, making a total of N2,974,616,518.5 in
two months, followed by Rivers with N1,382,084,171.99 in one month,
making N2,764,168,343.98 in two months, then Bayelsa with
N1,137,755,885.05 in a month and N2,275,511,770.1 in two months and
Delta with N1,126,271,211.83 in a month and N2,252,542,423.66 in two
months.
Ekiti got the lowest with N185,951,986.02 in a month and N371,903,972.04 in two months.
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