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| Finance Minister Kemi Adeosun |
A total of N652 billion was shared among the Federal
Government, States and Local Governments in July, the Accountant General of the
Federation, Mr. Ahmed Idris, said in Abuja, Tuesday.
He made this known after chairing the monthly meeting of
Federal Accounts Allocation Committee (FAAC), where he mentioned that the
figure comprised of both mineral and non-mineral revenue.
According to him, the gross statutory revenue of N570.5
billion received for the month of June was more than the N317.5 billion in the
previous month by N253 billion.
The Accountant General of the Federation noted the gross
revenue available from Value Added Tax (VAT) was N81.6 billion as against N79.9
billion distributed in May, indicating an increase of N1.6 billion.
Excess Crude Account (ECA), he also said, stood at 2.303
billion dollars while the Petroleum Profit Tax (PPT) was 68 million dollars.
Idris further said non-mineral revenue increased by N181.2
billion from N157.5 billion in May to N338.8 billion in June.
Breakdown of what was distributed to the three tiers of
government showed that the Federal Government got N286.5 billion, States N178.6
billion and Local Governments got N134.9 billion.
A sum of N29.8 billion was shared to oil producing states as
their 13 per cent derivation for the month, while cost of collection and
Federal Inland Revenue Service (FIRS) refund stood at N22.1 billion.
According to him, there was a decrease in the average price
of crude oil from 55.18 dollars per barrel to 50.27 dollars per barrel, adding
that a significant decrease in export volume by 3.20 million barrels resulted
in decreased revenue from export sales for the federation by 183.68 million
dollars.
He informed that Lagos state has been identified as an oil
producing state and that the relevant agencies to quantify the amount of crude
produced by the state and what was accruable to the state would get to it.
Also on the occasion, chairman, Commissioners of Finance
Forum, Mr. Mahmood Yunuusa of Adamawa State, said states were working hard to
ensure that they diversify their inflows.
“We are determined to see that in the next one year we
reduce our dependence on what comes from the center and whatever comes from the
center will be dedicated to projects,” he said
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