FG, States, LGs Share N510.2b In August

By Modupe Gbadeyanka

A total of N510.2 billion was shared among the federal, states and local governments in Nigeria as revenue in August.

Minister of Finance, Mrs Kemi Adeosun, made this known at a news conference held on Tuesday in Abuja after the Federation Account Allocation Committee (FAAC) met.

Mrs Adeosun further disclosed that the amount was N16.6 billion higher than what was shared by the three tiers of government in July, which was precisely N493.6 billion.

In her breakdown, N315 billion was raked from statutory distributable revenue, while N6.3 billion was refunded to the Federation Account by the Nigerian National Petroleum Corporation (NNPC).

She further said N75.9 was realised from Value Added Tax (VAT), while mineral revenue accounted for N158.7 billion in August.

According to Mrs Adeosun, non-mineral revenue for August was N156.3 billion.

The Minister also said 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, adding 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.

Mrs Adeosun, revealing how the money was shared, said the FG received N187.3 billion, representing 52.68 percent; while states got N95.0 billion, representing 26.72 percent and local governments took N73.2 billion, amounting to 20.60 percent.

She said N18.4 billion, representing 13 per cent derivation revenue, was shared among oil producing states in the country.