FG, states, councils share N718.1bn revenue for June

Nigerian federal government, states, councils share N718.1bn revenue for June
•The federal government received N294.038 billion, or 52.68 per cent.
•The 36 state governments received a combined cheque of N149.140 billion, or 26.72 per cent.
•All the local governments got a combined N114.981 billion, or 20.6 per cent
The federal, state and local governments on Monday shared about N718.103 billion as statutory allocation for June 2013.
The Minister of State for Finance and Chairman of the Federation Account Allocation Committee (FAAC), Yerima Ngama, said at the end of the monthly meeting of the committee in Abuja that N623.767 billion was distributed as statutory disbursements.
The minister said the federal government received N294.038 billion, or 52.68 per cent; while the 36 state governments received a combined cheque of N149.140 billion, or 26.72 per cent; and all the local governments got N114.981 billion, or 20.6 per cent of the statutory disbursements.
Following the stand-off between the states and the federal government last month, there was no augmentation for the month of June, since the May 2013 augmentation arrears of N92.436 billion was instead
distributed in June.
The sum of N7.617 billion was refunded by the Nigerian National Petroleum Corporation (NNPC) as a result of its indebtedness to the Federation Account and distributed in the month of June as well.
In addition, the sum of N35.549 billion was disbursed to the three tiers of government under the SURE-P programme, apart from about N51.170 billion shared between the federal, state and local governments as proceeds from the Value Added Tax (VAT).
Gross revenue for the month was N863.026 billion, which was higher than the N590.777 billion received for the month of May by N272.249 billion.
This showed an increase in revenue, which Mr. Ngama noted “was due to an increase in crude oil production due to completion of pipeline repairs in some terminals and the rush to meet the Company Income Tax (CIT) deadline of 30th June, 2013 for companies with 31st December, 2013 year end.”
The minister explained that “lifting operations were still affected by the force majeure declared at Bonny terminal and continuous theft and vandalism.”

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