(FAAC) has, in accordance with the revenue
sharing formula, shared the sum of N518.542
billion for the month of June to the three tiers of
government an increase from the N403.024 billion
shared in May,
The Federal Government received N242.647 billion
which represents 52.68 per cent of the total
revenue shared.
States got N123.074 billion, which represents
26.72 per cent, while the Local Governments
received N94.885 billion.
Giving a breakdown of the allocated revenues, the
FAAC Chairman and Permanent Secretary Federal
Ministry of Finance, Mrs Anastasia Nwokobia
stated that the sum of N6.330 billion was
refunded to the Federal government by the
Nigeria National Petroleum Corporation (NNPC)
as the balance of N450 billion NNPC owed to the
Federal Government, adding that the NNPC had
been making the refund instalmentally for years.
She said that mineral revenue for the month of
June is N289.353 billion against the budgeted
sum of N323.473 billion while the non -mineral
revenue is N196.599 billion as against the
proposed sum of N190.220 billion.
The gross revenue available from the Value Added
Tax (VAT) for June was N64.992 billion as
against N56.821 billion distributed in the
preceding month, resulting in an increase of
N8.171 billion.
The Federal Government received N9.359 billion
as against the budgeted sum of N15.404 billion
which also represents 15 per cent of the amount
distributed, while states got a total of N31.196
billion as against the budgeted sum of N51.348
billion which represents 50 per cent of the VAT
distributed.
Similarly, the Local government Councils received
a total of N21.839 billion as against the proposed
sum of N35.944 billion which is 35 per cent of the
accrued VAT.
These brought the total amount of VAT shared
amongst the three tiers of government to
N62.392 billion.
Mrs Nwokobia also told finance correspondents
that as at 24 July, 2015, the total balance in
the Excess Crude Account (ECA) is $2.207 billion.
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