Government Gets N518bn

On Friday the Federation Accounts Allocation Committee allocated  N518.54bn to the three tiers of government for June.

Permanent Secretary Anastacia Nwaobia from Federal Ministry of Finance announced that the allocation of N518.54bn was distributed from three major sub heads.

They are Statutory Allocation, N449.68bn; Value Added Tax, N62.39bn; and Exchange Gain, N6.46bn.

The secretary listed that from the statutory allocation of N449.68bn, the Federal Government received the sum of N218.92bn; states N111.04bn; local government councils N85.6bn, while the sum of N34.1bn was allocated to the oil producing states based on the 13 per cent derivation principle.

 Anastacia Nwaobia noted that from the VAT distribution, the Federal Government got N9.35bn representing 15 per cent; states N31.19bn, while the local governments are to share the sum of N21.83bn.

She puts the gross revenue received for the month at N485.95bn, noting that this was N161.89bn higher than the N324.06bn generated in May.

The secretary explains that declaration of force majeure by Shell Petroleum Development Company, shut down of trunks and production pipeline at Nembe and Trans Forcado terminal ,impacted negatively on crude oil revenue.

source> businessnews