FG, states, LGs share N718bn

[Mirror]

The three tiers of government yesterday shared N718.103 billion being the statutory and other distributions for the month of June 2013. At the end of the monthly Federation Account Allocation Committee, FAAC, meeting in Abuja, the Chairman and Minister of State for Finance, Dr. Yerima Ngama, said out of the amount shared, N623.767 billion was distributed as statutory accruals to the Federation Account for the month under review.

Ngama disclosed that the Federal Government received N294.038 billion or 52.68 per cent, state governments got N149.140 billion or 26.72 per cent while the local governments took N114.981 billion or 20.6 per cent of the disbursements.

The minister said there was no augmentation for the month because the May 2013 augmentation arrear of N92.436 billion was distributed in June. The sum of N7.617 billion was refunded by the Nigerian National Petroleum Corporation, NNPC, as part of indebtedness to the Federation Account and distributed in June an amount which was also shared along with the N35.549 billion to the three tiers of government from the SURE-P programme.

Similarly, N51.170 billion was shared among the tiers of governments as proceeds from the Value Added Tax, VAT. The gross revenue of the month, according to Ngama, was N863.026 billion compared with the N590.777 billion gross earnings for May. This indicated N272.249 billion increase in the revenue profiles for June.

National Mirror

[Folami David]

There is a lot of money in Nigeria that's one thing we the citizens are certain of....Where the money is going to is what we don't understand