FG, States, LGs Share N510bn for August

FG, States, LGs Share N510bn for August

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The three tiers of government shared a total of N510.270 billion for the month of August at the monthly allocation from the Federation Account, an increase of N16.442 billion over the N493.828 billion shared by the federal, states and local governments in July.
Minister of Finance, Mrs. Kemi Adeosun, who briefed journalists at the end of the Federation Account Allocation Committee (FAAC) said the gross statutory revenue of N315.045 billion received for August was higher than N287.819 billion received in the previous month by N27.226 billion, adding that crude oil export increased by 2.2 million barrels in May 2016 despite the brief Force Majeure declared at Qua Iboe and Bonny Terminals and a subsisting Force Majeure at Forcados Terminal.
For the month of August, the minister stated that the gross revenue available from VAT was N75.962 billion as against N66.987 billion distributed in the preceding month (July), resulting in an increase of N8.975 billion..
Giving a breakdown on how the fund was shared, the minister said the federal, states and local governments got N149.310 billion, N75.732 billion, and N58.386 billion respectively, while N20.293 billion went to the oil producing states under the Derivation Principle.
Adeosun also disclosed that the Excess Crude Account (ECA) currently stands at N2.92 billion. Among the issues discussed and adopted at the FAAC meeting were reports of revenue collection agencies and military pensions.

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