From Uche Usim, Abuja

The Federal, 36 States and 774 Local Government Areas in the country shared shared N462.359 billion as  revenue from the federation account for June .

Of total statutory allocation, federal government received N147.682 billion, states got N74.906 billion; local government got N57.750 billion while N20.505 billion went to the oil producing States as 13 per cent  derivation.

Rising from a meeting of the Federation Account Allocation Committee ( FAAC)  in Abuja yesterday, the Permanent Secretary Ministry of Finance, Dr. Mahmoud Isa- Dutse disclosed that the amount shared was higher compared  to last month’s  figure of N415.7 billion. According to him, the amount   comprised Value Added Tax (VAT) N76.786 billion, statutory revenue of N317.562 billion and exchange rates differential  of N64.812  billion.

Related News

This comes as  the  Nigerian National Petroleum Corporation ( NNPC) which had been defraying its N450  billion indebtedness to FAAC monthly  at   N6.7 billion wrapped up the payment of its debt last month.

Mahmoud said gross statutory revenue of N317.562 billion received for the month was higher than the N274.110 billion received in previous month by N43.452 billion.

He assured that plans were afoot to ensure salaries will be paid to civil servants before the Sallah celebrations.

“The slight drop in the average price of crude oil from $55.38 to $55.18 per barrel and a decrease in export volume by 1.023 million barrels, reduced oil revenue by about $57.12 million. Crude oil production suffered due to leakages, sabotage, shut – ins- and shut -downs at terminals for maintenance and the force majeure declared at forcados terminal since February, 2016 subsisted “, he added.