FG, States, LGs Share N518.54bn in June

A total statutorily distributable sum of N518.54 billion was shared on Friday among the three tiers of government for the month of June.
 

Also, it emerged that the Excess Crude Account (ECA) created to provide succour in rainy days has increased slightly to $2.2 billion from about 2.1 billion.

Briefing journalists after the monthly meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja, Permanent Secretary, Federal Ministry of Finance, Mrs. Anastasia Daniel-Nwaobia who chaired the meeting said mineral revenue in the period in review stood at N289.35 billion compared to N225.16 in May.

The non-mineral revenue also increased to N196.59 billion from N98.89 billion the previous month.
She said value added tax (VAT) receipts also increased to N64.99 billion in June compared to N56.82 billion in May.

A breakdown of the statutory distribution showed the Federal Government received N218.92 billion while the states shared N111.04 billion as well as the local governments which got N85.61 billion. The sum of N34.10 billion was further shared to the oil and gas producing states under the derivation principle.
 

For the VAT distribution, the Federal Government got N9.35 billion while the states shared N31.19 billion as well as the local governments which got N21.83 billion.

The tenth installment of N6.33 billion owed the Federal Government from the N450 billion indebtedness by the Nigerian National Petroleum Corporation (NNPC) was also refunded by the corporation in the period under review. 

She also clarified that the $1.2 billion fund from the Nigeria Liquefied Natural Gas Limited (NLNG) which was shared to the states as part of the recent bailout by the Federal Government needed no appropriation by the National Assembly, as being speculated in some quarters because it was part of the Federal Inland Revenue Service (FIRS) receipts for last month which ought to have been shared among the three tiers of government but for its late arrival.

She noted that the committee had agreed that it would be shared whenever the money was ready.