The Federal Government, State governments and Local government Councils have shared a total of N518.542 as Federal allocation for the month of June, 2015.
A brief on the details of the allocation released by the Federation Accounts Allocation Committee (FAAC) indicated that the shared amount comprised the Month’s Net Statutory revenue of N449.685 billion, Value Added Tax of N62.392 billion and an Exchange gain of N6.456 billion. .
Consequently, from Statutory revenue allocation distributed for the month of June which is N449.685 billion , Federal Government received N218.928 billion (52.68%); States received N111.043 billion (26.72%); Local Government Councils received N85.610 billion (20.60%); while the Oil Producing States received N34.104 billion as 13% derivation revenue. The amount due to the Federal Government included N6.330 billion refund to the Federal Government by the NNPC.
Furthermore, from the Net Revenue from the Value Added Tax (VAT) of N62.392 was distributed as follows: the Federal Government received N9.359 billion (15%); States received N31.196 billion (50%) while the Local government Councils received N21.837 billion (35%).
The brief also revealed that the balance in the Excess Crude Account (ECA) as at 24th July 2015 is $2.207 Billion.
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The brief also revealed that the balance in the Excess Crude Account (ECA) as at 24th July 2015 is $2.207 Billion.
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IFEANYI OKEREKE
FOR: DD PRESS, OAGF
