Thursday, 23 June 2016

FG, States, LGs Share N305bn As May Revenue - Adeosun

Federal, state and local governments yesterday shared the sum of N305.128 billion as revenue for May, 2016.

The Minister of Finance, Mrs. Kemi Adeosun, announced this when she addressed newsmen on the outcome of the Federation Accounts Allocation Committee, FAAC, meeting in Abuja.

She said the shared amount was an improvement on the N281.500 billion shared in the previous month by N23.628 billion. She attributed the rise in the revenue sharing to improvement in revenue collection at all levels, both in mineral and non-mineral avenues, despite the decrease in oil production. “The shared amount, comprised the month’s statutory revenue of N237.466 billion.

Also, there is the exchange gain of N2.546 billion and    N302.582    from Value Added Tax, VAT, which are proposed for distribution bringing the total revenue for distribution to N305.128 billion,” she said. Adeosun said also the money shared included the N6.330 billion refunded to the federation by the Nigerian National Petroleum Corporation, NNPC.

Giving a breakdown of sharing of the revenue among the three tiers of government,  Adeosun said the Federal Government received N112.830 billion, representing 52.68 per cent; states, N57.229 billion, representing 26.72 percent; and local governments, N44.121 billion, amounting to 20.60 per cent of the amount distributed.

She announced that N16.738 billion, representing 13 per cent derivation revenue, was shared among oil producing states.

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