FAAC shares N511bn for July

The Federation Account Allocation Committee (FAAC) shared the sum of N511 billion for the three tiers of government last week for the month of July, 2015.

In a communique he issued after the FAAC meeting in Abuja, the Accountant General of the Federation Ahmed Idris said the allocation comprised the month’s Net Statutory revenue of N411.866 billion, Value Added Tax of N71. 947 billion and an Exchange gain of N6.409 billion.

He disclosed that there had been noticeable improvement in non-oil revenue against mineral revenue in July 2015 which were shared last week at the meeting of the Federation Account Allocation Committee (FAAC).

A statement made available by PR Nigeria said in the net statutory allocation, Federal Government received N202 billion (52.68%); state governments received N102billion (26.72%); local government councils received N79 billion (20.60%); while the Oil Producing States received N28.209 billion as 13% derivation revenue.

On the Net Revenue from the Value Added Tax (VAT) of N71.947 billion, the Federal Government received N10.792 billion (15%); states received N35.974 billion (50%) while th local government councils received N25.181 billion (35%).

Other allocation made at the meeting included the refund of N6.33bn by Nigeria National Petroleum Corporation (NNPC), Exchange Gain of N6.409bn among others.

Ahmed Idris attributed recent shortfall in the oil revenue to shut-down and shut-in of production for maintenance and emergency repairs as well as declaration of Force Majeure by SPDC.