It has been revealed that a total of N8.8 trillion accrued to the three tiers of government from the Federation Account between January and December 2012 from the statutory and VAT allocations. This is according to a report by an authoritative online medium, Economic Confidential magazine. This amount excludes other allocations such as derivation (for oil-producing states), excess crude account, domestic crude account, subsidy reinvestment programme (SURE-P), Nigerian National Petroleum Corporation refund and foreign exchange differentials.
