FG, states, LGs share N493.8bn in July
The revenue shared by the Federal, state and Local Governments in July dropped to N493.828billion,according to the Office of the Accountant General of the Federation.
The AGF Office said the shared amount comprised the Month’s Statutory revenue of N258.151 billion, Value Added Tax of N66.987 billion, Exchange gain of N70.037 billion, Exchange Gain differential claim of N36.494 billion for the month of May, additional distribution of N50.165 billion from excess PPT and N1.373 billion as excess bank charges recovered from 2008 to 2012.
There was also a N6.330 billion refund to the Federal Government by Nigerian National Petroleum Corporation (NNPC).
It said the federal government received N129.212 billion (52.68 per cent); the 36 states, N65.538 billion (26.72 per cent) and the Local Governments N50.527 billion (20.60 per cent), while the Oil Producing States received N12.874 billion as 13 per cent derivation revenue.
The AGF Office put the gross statutory revenue including solid minerals at N275.102 and net allocation at N258.151billion. The gross value added tax is N66.987 billion and the total distributable revenue is N335.759 billion.