FG, states, LGs share N518.5bn for June — FAAC

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Buhari-at-villa-9.jpg.pagespeed.ic_.EMSU1ulwYz-700x466Two weeks after sharing tax proceeds from the Nigerian Liquified Natural Gas (NLNG), the three tiers of government yesterday shared a larger amount of cash from the federation account for the month of June 2015 than they did for May 2015.

At the end of monthly Federation Account Allocation Committee (FAAC) meeting in Abuja yesterday, N518.542 billion was shared by the federal, state and local governments for June 2015.

Addressing journalists at the end of the meeting, Mrs. Anastasia Nwaobia, Permanent Secretary of the Federal Ministry of Finance, said the sum of N449.685 billion was shared as statutory allocation, with the Federal Government pocketing N218.928 billion.

The states shared N111.043 billion, local governments, N85.610 billion, while the sum of N34.104 billion was shared as 13 per cent derivation for the oil mineral producing states.

N62.392 billion, being Value Added Tax (VAT) proceeds, was shared by the federal (N9.359 billion); states (N31.196 billion) and local governments (N21.837 billion).

To make the final distributable cash to the three tiers of governments, the sum of N6.465 billion was shared amongst them as exchange gain.

Revenue collecting agencies also smiled to the banks with larger purses in June with the Nigerian Customs Service grabbing a cheque of N3.129 billion or seven per cent of what it collected for the month, the Department of Petroleum Resources (DPR) pocketed N2.528 billion), representing four per cent of the revenue it collected on behalf of the country.

The Federal Government of Nigeria (FGN) also collected N6.330 billion as refund due it from the Nigerian National Petroleum Corporation (NNPC).

On its part, the Federal Inland Revenue Service (FIRS) collected two tranches of cost of revenue of N6.123 billion as from statutory revenue and an additional N2.600 billion from VAT revenue.

The meeting was ended on a positive note when it was

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