FG, States, LGs share N518.542bn | Independent Newspapers Limited
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FG, States, LGs share N518.542bn

Posted: Jul 26, 2015 at 2:45 am   /   by   /   comments (0)

 By Chibuzor Emejor  Abuja

At the Federation Account Allocation Committee held in Abuja, on Friday, the three tiers of government made up of the Federal, States and Local Government Areas, shared a total sum of N518.542 billion for the month of June, representing a N115.518 billion increase over the N403.024 billion shared in the month of May.

The breakdown of the figure shows that N449.685 billion was received from statutory allocation, N62.392 billion from Value Added Tax (VAT) and N6.465 billion from exchange gain between naira and US dollar.

Of the said amount, the Federal Government received N218.928 billion from the statutory allocation, while the states and local governments got N111.043 billion and N85.610 respectively.

Oil producing states shared N34.104 billion as the 13 percent derivation against 29.071 billion shared in the previous month.

From the Value Added Tax (VAT), federal government received N62 billion, States and Local Governments received N31.196 billion and N21.837 billion respectively.

Following the Federal Accounts Allocation Committee (FAAC) meeting, the Permanent Secretary in the Ministry of Finance, Mrs. Anastasia Nwaobia, told journalists that the gross revenue of N467.795 billion received for the month was higher than the N330.392 billion received in May by N137.403 billion, due to the improvement from the refund to Federal and the exchange gain added to the revenue.

Nwaobia said Federal Government has taken steps to block all the identified leakages in the system and hoped that the source of revenue to government will continue to improve in coming months.

On the excess crude account, ECA, the Permanent Secretary said that the reserve stood at $2.07 billion as at Thursday, against $2.78 billion it was the previous month.

Meanwhile, she further explained that the N6.330 billion refund by NNPC was the 10th installment made so far to federal government as part the outstanding debt owed to the three tiers of government by the NNPC.