The
Federation Accounts Allocation Committee on Friday allocated a total
sum of N518.54bn to the three tiers of government for the month of June.
The allocation, when compared to the
N403.02bn distributed in the previous month of May, represents an
increase of N115.5bn or 28.67 per cent.
Addressing journalists shortly after the
meeting, the Permanent Secretary, Federal Ministry of Finance, Mrs.
Anastacia Nwaobia, said the allocation of N518.54bn was distributed from
three major sub heads.
They are Statutory Allocation, N449.68bn; Value Added Tax, N62.39bn; and Exchange Gain, N6.46bn.
Nwaobia, who presided over the meeting,
said from the statutory allocation of N449.68bn, the Federal Government
received the sum of N218.92bn; states N111.04bn; local government
councils N85.6bn, while the sum of N34.1bn was allocated to the oil
producing states based on the 13 per cent derivation principle.
From the VAT distribution, she said the
Federal Government got N9.35bn representing 15 per cent; states
N31.19bn, while the local governments are to share the sum of N21.83bn.
She put the balance in the Excess Crude
Account at $2.207bn, noting that the sum of N6.33bn was refunded by the
Nigerian National Petroleum Corporation being debt owed the Federal
Government.
On the revenue side, Nwaobia put the
gross revenue received for the month at N485.95bn, noting that this was
N161.89bn higher than the N324.06bn generated in May.
She said declaration of force majeure by
Shell Petroleum Development Company, shut down of trunks and production
pipeline at Nembe and Trans Forcado terminal ,impacted negatively on
crude oil revenue.
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