FG, States, LGAs share ₦462.3 billion revenue in June

The Federal, 36 States and 774 Local Government Areas in the country shared shared ₦462.359 billion as revenue from the federation account for June .

Of total statutory allocation, federal government received ₦147.682 billion, states got ₦74.906 billion; local government got ₦57.750 billion while ₦20.505 billion went to the oil producing States as 13 per cent derivation.

Rising from a meeting of the Federation Account Allocation Committee (FAAC) in Abuja yesterday, the Permanent Secretary Ministry of Finance, Dr. Mahmoud Isa- Dutse disclosed that the amount shared was higher compared to last month’s figure of ₦415.7 billion.

According to him, the amount comprised Value Added Tax (VAT) ₦76.786 billion, statutory revenue of N317.562 billion and exchange rates differential of ₦64.812 billion.

This comes as the Nigerian National Petroleum Corporation (NNPC) which had been defraying its ₦450 billion indebtedness to FAAC monthly at ₦6.7 billion wrapped up the payment of its debt last month.

Mahmoud said gross statutory revenue of ₦317.562 billion received for the month was higher than the ₦274.110 billion received in previous month by ₦43.452 billion.

He assured that plans were afoot to ensure salaries will be paid to civil servants before the Sallah celebrations.

“The slight drop in the average price of crude oil from $55.38 to $55.18 per barrel and a decrease in export volume by 1.023 million barrels, reduced oil revenue by about $57.12 million. Crude oil production suffered due to leakages, sabotage, shut – ins- and shut -downs at terminals for maintenance and the force majeure declared at forcados terminal since February, 2016 subsisted”, he added.

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