July 2013 Revenue Allocation: Tiers of Government share N715.845bn ​

[The InfoStrides]

The sum of seven hundred and fifteen billion, eight hundred and forty-five million naira has been shared out to the three tiers of Government as the federal revenue allocation generated in the month of July 2013.   A communiqué issued by the Federal Accounts Allocation Committee indicates that the gross revenue received for the month of July was N497.984 billion which is lower than the N863.026 billion received in the previous month by N365.042 billion.   During the sharing, the Federal Government received N227.516 billion (52.68%) as against N235.778 billion it received for June; the States got N115.399 billion (26.72%) against N119.590 billion in the previous month and the Local Governments were offered N88.968 billion (20.60%) as against N92.199 billion they got in the previous month. The oil producing states got a total of N45.166 billion as 13% derivation revenue as against N48.874 billion in the previous month.   According to the communiqué, the shortfall in revenue was due to the continuous crude oil theft, leakages, pipeline breaks at various terminals as well as HP compressor failure and repair works. It further revealed that the revenue for the month was affected by the downward review of some companies' estimates and a judgmental debt by the Tax Appeal Tribunal on Education Tax.   In the communiqué, it was confirmed that the distributable statutory revenue for the month of July 2013 was N483.482 billion; while the sum of N115.000 billion, part payment of the arrears of augmentation for the month of June 2013 was proposed for the month of July. The sum of N7.617 billion refunded by NNPC and the N35.549 billion from SURE-P added up to the total distributable revenue for the month.   "The gross revenue for the month from the Value Added Tax (VAT) was N74.197 billion against the N51.170 billion in the previous month. This resulted in an increase of N23.027 billion," it said.  

Federal Republic Of Nigeria | nigeria.gov.ng