Abuja - The Minister of State for Finance, Bashir Yuguda, on Tuesday announced that that the Federal, States and Local Government had shared about N756 billion from the Federation Account for June.
Yuguda made the disclosure in Abuja when he briefed newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting held on Tuesday.
He said that the shared amount comprised funds from statutory oil revenue, Subsidy Reinvestment and Empowerment Programme (SURE-P), excess non-oil revenue and Value Added Tax (VAT).
“The distributable statutory revenue for the month is N582.9 billion. The sum of N35.5 billion is proposed for distribution under the SURE-P Programme.
"Also, an additional sum of N71 billion from the excess non- oil revenue is proposed for distribution.
"So, the total revenue distributable for the current month, including Value Added Tax of N66.4 billion, is approximately N756 billion,’’ he said.
Giving the breakdown of the revenue distribution, Yuguda said that the Federal Government received N270.144 billion representing 52.68 per cent; states, N137 billion representing 26.72 per cent.
Local governments, he added, received N105.6 billion, amounting to 20.60 per cent.
He said that N57.9 billion, representing 13 per cent derivation revenue was also shared among the oil producing states.
On VAT, he said that the revenue collected for the month was N66.4 billion as against the N65.4 billion distributed in May, representing an increase of N999 million.
Yuguda disclosed that the nation generated N784.9 billion as mineral and non-mineral revenue in June as against N582.9 billion budget expectation for the month.
According to him, this figure shows an excess of N201.9 billion for the month.
He said that from the excess funds for the month, excess crude account got N50.35 billion, N45 billion to Domestic Excess Account and N35.55 billion for SURE-P.
"After deducting all this, we still had N71.05 billion which will be taken into the Excess Non- Mineral Revenue Account," he explained.
He said that the non-mineral revenue collected in June dropped by N69.3 billion from N336.8 billion realized in May.
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