FG, States, Local Governments share N715.8billion for July

Federation Accounts Allocation Committee for Nigeria shared N715.8billion among the three tiers of government for July.

Minister of State for Finance, Yerima Ngama, disclosed this to newsmen shortly after the committee’s meeting in Abuja.

Ngama said the total revenue distributed for July, including Value Added Tax, is N715. 845billion.

The distributable statutory revenue was N483.482 billion, which was below what was budgeted for the month by N111.282 billion.

The Minister added that N45.1 billion or 13 per cent Derivation Fund was paid to the six oil producing states.

Ngama said the gross revenue of N497.9 billion received for the month was lower than the N863.0 billion received in the previous month by N365.0 billion.

Timothy Odah, the Chairman, Finance Commissioners Forum, apologised to Nigerians for the late sharing of the revenue.

Odah explained that the delay was due to the dwindling resources and late returns on the part of the collecting agencies.

Odah said the National Council of Economic Development conference, which took place in Niger State last week, and the Central Bank of Nigeria conference on small scale industries also led to the delay. He urged states to apply the money shared to revenue generating projects.