FG, States, LG Councils Split N559.032billion for June

The three tiers of government on Thursday, July 21, shared N559.032 billion for June, making it the first time the Federation Account Allocation Committee, FAAC,  is sharing such an amount,after many months of weak disbursements.

According to state governments, the impressive figure will allow them to pay salaries and meet other financial obligations, which they have been unable to do in a while. The federal, states and local governments had shared N305.128 billion for May and N281.5 billion for April.

Minister of Finance, Mrs Kemi Adeosun, speaking with newsmen at the end of the monthly FAAC meeting in Abuja said the appreciation in the money shared for June came in spite of the country’s technically entery into recession.

A breakdown of the disbursements showed that from statutory allocation, the Federal Government received N199.754 billion, state governments N101.318 billion, local governments N78.112 billion and N17.124 billion was given to the oil producing states as 13 per cent mineral revenue derivation.

For Value Added Tax (VAT) the Federal Government received N9.706 billion, states N32.353 billion and local governments N22.647 billion.

The minister attributed the increase in what was shared for June to improved collection performance by the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS).