BEVERLY HILLS, JULY 22, (THEWILL) – The Federation Account Allocation Committee (FAAC) has disbursed the sum of N559.032 billion to be shared among the Federal, State and Local governments for the month of June 2016.
This is the first time FAAC is sharing such amount after many months of dwindling allocation owing to the economic situation in the country.
Minister of finance, Kemi Adeosun, told journalists at the end of the monthly FAAC meeting in Abuja that the appreciation in the amount shared for June 2016 came in spite of the country technically entering recession.
She attributed the increase to an improved collection performance by the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS).
A breakdown of the disbursements showed that from statutory allocation, the federal government received N199.754 billion, state governments N101.318 billion, local governments N78.112 billion and N17.124 billion was given to the oil producing states as 13% revenue derivation.
For Value Added Tax (VAT) the federal government received N9.706 billion, states N32.353 billion and local governments N22.647 billion.
Adeosun also disclosed that N247.9 billion has so far been disbursed from the 2016 budget with an additional N60 billion to be disbursed this week.
So far in the last two months, N74 billion has been given to the federal ministry of Works, N22.1 billion to transport ministry and N21.9 billion to the ministry of agriculture.
Adeosun added that N3.094 billion is now left in the Excess Crude Account which is an appreciation from the over $2 billion in the account in the past.
Story by David Oputah
