The Minister of Finance, Mrs. Kemi Adeosun has announced that governments at all levels will receive N510.2 billion as revenue realized during the month of August. She said this during a press conference following the meeting of the Federation Account Allocation Committee, FAAC. This amount represents an increase of N16.6 billion over July.
Explaining the breakdown of the revenue generated during August, Adeosun said that N315 billion was generated as statutory distributable revenue while N6.3 billion was refunded to the Federation Account by Nigerian National Petroleum Corporation (NNPC). In addition is a proposed distribution of N35 billion Excess Petroleum Profit Tax as well as the exchange gain of N84.2 billion.
Value Added Tax (VAT) was N75.9 billion as against N66.9 billion generated in July, indicating an increase of N8.9 billion. Revenue from minerals for the month stood at N158.7 billion while non-mineral revenue was N156.3 billion.
As to the breakdown of how the funds was to be distributed among the tiers of government, Adeosun said that the Federal Government received N187.3 billion, representing 52.68%, while states and Local governments got N95.0 billion and N73.2 billion, representing 26.72% and 20.60% respectively. N18.4 billion, representing 13 per cent derivation revenue, was shared among oil producing states.
Parts of this article originally appeared in Premium Times
