FG receives N292bn from June revenue

NIGERIA- Federal Government yesterday received a total revenue of N292.217 billion from a total distributable revenue of N610.380 billion in the month of June.

Whereas the states collected the sum of N149.140 billion, about N114.981 billion went to the local governments and the oil and gas-producing states got N52.230 billion.

Speaking at the end of the Federation Accounts Allocation Meeting (FAAC) in Abuja, Minister of State for Finance, Dr Yerima Lawan Ngama, said that the gross revenue available from the Value-Added Tax (VAT) was N51.170 billion as against N74.87 billion distributed in the preceding month, resulting in a decrease of N23 .703 billion.

To this effect, Federal Government got N7.368 billion while states and local governments got N24.562 billion and N17.193 billion respectively. The Minister also said that there was no augmentation because there was an increase in revenue in June.

But he explained that Subsidy Reinvestment Programme (SURE-P) money amounting to N35.549 was also distributed among the three-tier s of government. In the same way, Nigerian National Petroleum Corporation (NNPC) made good its promise of refunding N7.617 billion from its total debt of N450 billion.

Ngama recalled that the gross rvenue of N863.026 billion received for the month was higher than the N590.777 billion received in the previous month by N272.249 billion.

“This was due to an increase in crude oil production due to completion of pipeline repairs in some terminals. Lifting operations were still being affected by the Force Majeure declared at Bonny Terminal and continuous theft and vandalism.

There was a significant increase in non-oil revenues during the period to the rush to meet the Companies Incomes Tax (CIT) deadline in June 30, 2013 for companies with 31st December 2012 year end” he said.

Addressing newsmen, the Chairman of Commissioners’ Forum, Mr Timothy Odaah, advised states and local governments to seek alternative means of rgenerating evenue instead of depending on oil.

He also advised states to be frugal in spending, saying that only capital projects should be given more attention.