Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Governments share N756bn for June

16 July 2014, 11:42

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.

-     NAN

For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page.


Read News24’s Comments Policy

Comment on this story
1 comment
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...