Federal Govt., States, Local Governments share N510.2 billion in August

Minister of Finance, Kemi Adeosun
Minister of Finance, Kemi Adeosun

The Minister of Finance, Kemi Adeosun, on Tuesday in Abuja, said N510.2 billion was shared among the federal, states and local governments as revenue realised in August.

She made the disclosure while addressing a news conference on the outcome of the Federation Account Allocation Committee, FAAC.

The amount is higher than the N493.6 billion shared in July by N16.6 billion.

The minister said that during the month, N315 billion was generated as statutory distributable revenue, adding that this was higher than the N287.8 billion received in the previous month by N27.22 billion.

She added that “the sum of N6.3 billion was refunded to the Federation Account by Nigerian National Petroleum Corporation (NNPC).

“There is a proposed distribution of N35 billion Excess Petroleum Profit Tax.

“Also, there was the exchange gain of N84.2 billion proposed for distribution.’’

She also said that Value Added Tax (VAT) was N75.9 billion as against N66.9 billion generated in July, indicating an increase of N8.9 billion.

She added that mineral revenue for the month was N158.7 billion, while that of July was N119.4 billion. Non-mineral revenue for August was N156.3 billion and that of July was N168.4 billion.

Giving the breakdown of revenue among the three tiers, Mrs. Adeosun said the Federal Government received N187.3 billion, representing 52.68 per cent, while states got N95.0 billion, representing 26.72 per cent.

Local governments, she said, received N73.2 billion, amounting to 20.60 per cent of the amount distributed, while N18.4 billion, representing 13 per cent derivation revenue, was shared among oil producing states.

According to her, crude oil export volume increased by 2.2 million barrels in May in spite of the brief Force Majeure declared at Qua Iboe and Bonny Terminals.

She also said that there was $109 million revenue increase in federation export sales as a result of the increase in average price of crude oil from 42.2 dollars in April to 46.0 dollars per barrel in May.

She said there was a rise in dutiable imports which contributed significantly to the increase recorded by import duty and VAT.

The minister said that the balance of the excess crude account stood at $2.91 billion.

(NAN)

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  • ayobamiba

    93 billion for 36 states of Nigeria? Na waoooo.when will Nigeria get out of this pit.

    • bigbang

      I agree it should be the other way arround.

      states share 157 billion, FG share is 57 billion.

      • Broadway2

        Who will pay university lecturers, police, army, custom, immigration etc?

        • bigbang

          States

          • Taiwo

            States ?

          • bigbang

            Yes, it will be state police, state university. The FG will focus on National defense and International trade and relations. Everything else will be left to the states.

    • tope

      FG do spend more due to higher responsibilities; Army, NPF, Immigration, Agencies in all the 36 states, parastatals, Schools in all the 36 states, more. they deserve more. remember States has IGR and other incentives . We suffer due to poor management at local and state level.

  • onome yansh

    In which federation in the world have we seen this sort of system where rents from hydrocarbon is taken to the centre and shared? Imagine the 50+ states in the USA converging in DC to share money accruing from the sale of crude oil from Texas! Nigeria is indeed a joke.

    • henry

      It didn’t start today at times we can give commendation a trial rather than criticising always

  • Rommel

    More grease to the elbows of Kemi

  • Realitytalk

    Things are getting better under this leadership, she said it that it is just a matter of time

  • Bala Salihu Dawakin kudu

    After sharing the money, what next?………????? So states will share the local funds to their relatives, no local government can even pay salaries not talking of community development projects. The federal government more especially Members of state House of Assemblies who are sabotaging the effort of local government autonomy.

  • tope

    Kudos to FG. well done Minister of finance. We are not borrowing to service the Nation