FG, states, LGs share N559bn for June

Daily Trust - - FRONT PAGE - By Chris Agabi

The Fed­eral, States and Lo­cal Govern­ments yes­ter­day shared N559.032 bil­lion as rev­enue for June 2016 as against the N305.128 bil­lion shared for May, rep­re­sent­ing an in­crease of N253.904 bil­lion.

This is the big­gest al­lo­ca­tion shared in 11 months. In May, the three tiers of gov­ern­ment shared N305.128bn, N281.500 in April, N299.7bn in March, N345.095 in Fe­bru­ary and N370.388 in Jan­uary.

Brief­ing jour­nal­ists yes­ter­day at the end of the June fed­er­a­tion ac­counts al­lo­ca­tion com­mit­tee(FAAC) meet­ing , the Min­is­ter of Fi­nance, Mrs. Kemi Adeo­sun, said the rev­enue went up be­cause of the im­prove­ment in rev­enue col­lec­tion by the Fed­eral In­land Rev­enue Ser­vice, the Nige­rian Cus­toms Ser­vice and a rise in ex­change gains.

FIRS col­lec­tion in non-oil went up by N165 bil­lion and cus­toms col­lec­tions went up by N12.6 bil­lion.

She said the gross statu­tory rev­enue of N538.788 bil­lion re­ceived for the month was higher than the N237.466 bil­lion in the pre­vi­ous month by N301.322 bil­lion.

"Crude oil ex­port vol­ume in­creased by 1.9 mil­lion bar­rels in March de­spite the sub­sist­ing force ma­jeure de­clared at For­ca­dos Ter­mi­nal, shutin and shut-down of pipe­lines at other ter­mi­nals due to leak­ages, van­dal­ism and turn around main­te­nance," she said.

She also noted that the av­er­age price of crude oil in­creased from $32.26 in Fe­bru­ary to $38.64 in March, 2016 re­sult­ing in $92.99 mil­lion in­crease in fed­er­a­tion ex­port rev­enue."

Ac­cord­ing to her, the new flex­i­ble ex­change rate regime helped to boost rev­enue for the month.

"The dis­tributable statu­tory rev­enue for the month is N538.788 bil­lion. The sum of N6.330 bil­lion was re­funded by the NNPC to the FGN. There is a dis­tri­bu­tion of N9.923 bil­lion solid min­eral rev­enue gen­er­ated from 2007 to 2014. Also, there is an ex­change gain of N79.272 bil­lion which is pro­posed for dis­tri­bu­tion. The to­tal rev­enue dis­tributable for the month plus VAT is N559.032 bil­lion," she said.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.