Saturday, 25 July 2015

FGN And States Share Another N518.542b June Federation Revenue

The Federal Government and the 36 states of the federation yesterday distributed the sum of N518.542 billion being federally generated revenue for the month of June.

The distribution is coming barely two weeks after an emergency Federation Accounts Allocation Committee (FAAC) met to share the sum of N713 billion Nigerian Liquefied Natural Gas (NLNG) dividends and other oil companies taxes declared by the Federal Inland Revenue Service (FIRS) as a way of alleviating the harsh liquidity position which had assailed some states, leading to inability of some to pay workers’ salaries.

Sum declared for sharing consisted of N289.353 billion from oil minerals revenue; N196.599 billion non-oil proceeds and the sum of N62.392 billion VAT collections for the month.

At the yesterday meeting, the Federal Government received the sum of N218.928 billion from the Statutory allocation and another sum of N9.359 billion from the VAT pool; the states got N111.043 billion from the statutory revenue and another sum of N31.196 billion from VAT, while the Local Councils got N85.610 billion from statutory revenue and the sum of N21.837 billion from VAT income stream.

The oil minerals bearing states are to share the sum of N34.104 billion representing 13 per cent of derivation principles.

Meanwhile, the Excess Crude Account (ECA) has grown by $100 million bringing the level of the accounts to $2.207 billion.

In the absence of a substantive Minister of State, the Permanent Secretary in the Federal Ministry of Finance, Mrs. Anastasia Nwobia presided at the meeting.

She also reported that NNPC made a refund of N6.330 billion to the Federal Government being the tenth refund of their N450 billion unremitted revenue withheld from the Federation Account.

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