OFFICE OF ACCOUNTANT GENERAL OF THE FEDERATION (OAGF)
FEDERAL ALLOCATION IMPROVES AS FG, STATES AND LGC’S SHARE N559.032 BILLION FOR THE MONTH OF JUNE 2016.
There was significant improvement in the revenue distributions of the June 2016 Federal Accounts Allocation Committee meeting, as Federal Government, State governments and Local Government Councils shared a total of N559.032 as allocation for the month.
A communiqué issued by the sub -Committee of Federation Accounts Allocation Committee (FAAC) indicated that the Gross statutory revenue received for the month of June 2016 was N538.788 billion.
This amount showed an increase N301.322billions of when compared with the N237.466 billion received in the month of May, 2016.
The shared amount comprised the Month’s Statutory revenue of N412.359 billion, Value Added Tax of N67.401 billion, Exchange gain of N79.272 billion and N6.330 billion refunded to the Federal Government by Nigerian National Petroleum Corporation(NNPC). This brought the total distributable revenue to N559.032 billion.
Consequently, from Statutory revenue, Federal Government received N199.754 billion (52.68%); States received N101.318 billion (26.72%); Local Government Councils received N78.112 billion (20.60%); while the Oil Producing States received N17,124 billion as 13% derivation revenue.
Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N9.706 billion (15%); States received N32.353 billion (50%) while the Local Government Councils received N22.647 billion (35%).