FG, States, LG Share N467.8bn In July As Revenue Falls By N184bn
The federal government, states and local governments shared N467.8 billion as statutory revenue in July, Kemi Adeosun, Minister of Finance, says.
The figure represents a shortfall of about N184 billion compared to the N652.229 billion shared in the previous month.
Mrs. Adeosun, represented by the Permanent Secretary of the finance ministry, Alhaji Mahmoud Isa-Dutse, said this at the end of the monthly Federation Account Allocation Committee, FAAC, meeting on Tuesday in Abuja.
She explained that the gross statutory revenue of N387.319 billion received for the month was lower than the N570.584 billion received in the previous month by N183.266 billion.
She, however, said oil revenues recorded an increase due to rise in export sales by $62 million.
“The increase in the average price of crude oil from $50.27 per barrel to $51.05 per barrel and a significant increase in export volume by 1.20 million barrels resulted in increased revenue from export sales for the federation by $62 million.
“Despite the increases, there were issues of leaking flow lines, shut-ins and shutdowns at terminals for maintenance,” the minister said.
Giving a breakdown of the allocation, Mrs Adeosun said the Federal Government got N193.0448 billion, states N130.691 billion and the LGs N98.014 billion, adding that oil producing states receiving N31.591 billion.
She put the balance in the Excess Crude Account, ECA, at $2.3 billion.
The minister however said the Federal Inland Revenue Service got N14.508 billion as cost of collection, following a fall in revenue from companies’ income.