FAAC: Federal, States, LGs share N714.8bn in July

The Federation Accounts Allocations Committee (FAAC) has distributed to the three tiers of government the sum of N714.8 billion for the month of July.
The figure indicated a decline of N107.1 billion when compared to what was generated in June as the federal, states and local governments shared N821.862 billion.
Minister of Finance, Mrs.
Kemi Adeosun, while briefing newsmen in Abuja on the outcome of the monthly Federation Account Allocation Committee (FAAC) meeting in Abuja, highlighted several factors that impacted negatively on the month’s income.
“Crude oil exports sales volume was 3.74 million barrels, showing an increase of 0.17 million barrels when compared with the previous month’s sales of 3.57 million barrels.
“Despite the improved revenue, production was negatively affected in the period by shut-ins and shutdown at various terminals for repairs and maintenance of ageing facilities.
“The value Added Tax (VAT), import duty, Companies Income Tax (CIT) and Oil Royalty decreased, while Petroleum Profit Tax recorded an increase,” she said.
Adeosun, giving a breakdown of the revenue generated, said that N376.14 billion was generated as mineral revenue, while N221.8 billion came from non-mineral resources.
The federal government received N269.8 billion, states took home N136.85 billion and local governments got N105.5 billion.
She said that N44.96 billion was also shared among the oil producing states, representing 13 per cent of the oil revenue