FG, States, LGs Share N443.6bn As Revenue. FAAC

 The Minister of Finance, Kemi Adeosun, says over N443.6 billion has being shared among the federal, states and local governments as revenue realised in July.

Adeosun, who was represented by the Permanent Secretary, Mahmoud Isa-Dutse, announced this while addressing newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting.

The amount is 11 per cent less than the N559 billion that was distributed in July.

Giving the breakdown of revenue among the three tiers, Adeosun said the Federal Government received N129.2 billion, representing 52.68 per cent while states got N65.5billion, representing 26.72 per cent.

The local governments, she said, received N50.5 billion, amounting to 20.60 per cent of the amount distributed.

She said N12.8 billion, representing 13 per cent derivation revenue was shared among the oil producing states.

Adeosun also said that during the month under review, the country generated N119.4 billion as mineral revenue and N168.4 billion as non-mineral revenue, showing a decrease of N250.9 billion from both sources.

The minister said that the country’s Excess Crude Account stood at 3.03 billion dollars.

She explained that the main cause of the decline in revenue was mainly attributable to the reduction in the quantity of petroleum sold due to the activities of vandals in the Niger Delta.

Adeosun also said that Lagos State had not started receiving the 13 per cent derivation from the sale of crude oil.