FG, states, LGs share N511.799b for July

The Federation Account Allocation Committee (FAAC) has shared the sum of N511.799 billion to the three tiers of government for the month of July, 2015.

Giving a breakdown of amount shared, the Permanent Secretary who is also the Chairperson of the FAAC, Mrs. Anastasia Nwokobia, revealed that the gross revenue of N433.584 billion was received for the month of July was lower than the N485.952 billion received in the previous month of June 2015 by 52.368 billion.

According to her, the Federal Government got N202.111 billion representing 52.68% of the total amount shared while state governments got N102.513 billion which is 26.72 % of the total revenue distributed, while the local government Councils got N79.033 billion which also represented 20.60 % of the total revenue shared for the month of July.

Mrs. Nwokobia said that shutdown and shut-in of production for maintenance and the emergency repairs as well as declaration of Force Majure by Shell Petroleum Development Company (SPDC) were the major issues that negatively impacted crude oil revenue.

She noted that there was also revenue loss of $22.53 million as a result of drop in average price of crude oil from $65.76bpd in May to $61.27 in June, 2015.