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FAAC: FG, States, LGs have more to spend as N510.2bn is shared
The Minister of Finance, Mrs. Kemi Adeosun, has disclosed that a total sum of N510.2 billion was approved by the Federation Account Allocation Committee (FAAC) for sharing among the federal, states and local governments in Nigeria for August 2016.
She made the disclosure Wednesday in Abuja when she briefed newsmen on the outcome of the FAAC meeting in Abuja.
The figures for July were N493.6 billion which means that an extra revenue of N16.6 billion was earned in August, effectively putting more money in the pockets of the three tiers of government.
According to the Finance Minister, the total revenue available for sharing is however lower than the N559 billion shared in June.
The break down for the August shows that the Federal Government received N187.3 billion, representing 52.68 per cent, while the 36 states got N95.0, representing 26.72 per cent and the 774 local governments received N73.2 billion, amounting to 20.60 per cent of the amount distributed,
She said oil producing states received N18.4 billion, representing 13 per cent derivation revenue.
Read also:Why gap between official forex rate and parallel market can’t be closed –Experts
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 as well as the exchange gain of N84.2 billion,“ she stated.
Adeosun also said that Value Added Tax (VAT) was N75.9 billion as against N66.9 billion generated in July, an increase of N8.9 billion.
The mineral revenue for the month was N158.7 billion, and that of July was N119.4 billion, while non-mineral revenue for August was N156.3 billion and that of July was N168.4 billion.
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