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.
