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.


FG, States, LGs share N654.6bn for July

20 August 2014, 20:30

Abuja - N654.6 billion was shared among the Federal, States and Local Government Councils as revenue for the month of July.

The Minister of State for Finance, Bashir Yuguda, disclosed this in Abuja on Tuesday when he briefed newsmen on the outcome of the monthly Federation Accounts Allocation Committee (FAAC) meeting.

"The distributable statutory revenue for the month is N553.6 billion. The sum of N35.5 billion is proposed for distribution under the SURE-P Programme.

"The total revenue distributable for the month of July, including the Value Added Tax (VAT) of N65.5 billion is approximately N654.6 billion,’’ he said.

Yuguda said a breakdown of the distribution showed that the federal government received N257.3 billion, representing 52.68 per cent; and states N130.5 billion or about 26.72 per cent.

He added that the local government councils received N100.6 billion, amounting to 20.60 per cent of the amount distributed.

The minister said that N52.9 billion or 13 per cent of derivation revenue was also shared among the oil producing states.

On VAT, Yuguda said the gross revenue collected for the month of July was N65.467 billion as against the N66.4 billion distributed in June,  representing a decrease of N947 million.

Also, he said the country generated N630.3 billion as mineral and non-mineral revenue in July against the N784.9 billion it generated in June.

According to him, this figure showed a marked decrease of N154.6 billion between the two months.

"N6.2 billion was transferred to the excess crude account, bringing the total to 4.1 billion U.S. dollars.

"FIRS received N3.6 billion and the Nigerian Customs, N3.62 billion as their cost of collection for the month,’’ he said.

Meanwhile, the Chairman, Finance Commissioners Forum, Timothy Odah, who also spoke with newsmen after the meeting, expressed concern over the continued decline in the federation’s revenue.

"I do not want to pin point the areas that is causing this, but the FAAC session that was held today was not encouraging as far as we are concerned.

"But whatever the case, we have concluded the meeting for the month and amicably taken the merger sum available for sharing, which is smaller than what used to be,’’ he said.

Odah, who is Ebonyi Finance Commissioner, appealed to state governments to ensure that projects revenue yielding projects were completed to boost their revenue base.

-   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
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...