Yerima Lawan Ngama

By Ndubuisi Francis and Adebiyi Adedapo

The Federal Government and the 36 States and the Federal Capital Territory (FCT) shared a total of N569. 393 billion for the month of June.

This was disclosed Thursday by the Minister of State for Finance, Dr. Yerima Lawan Ngama, at the Federation Account Allocation Committee (FAAC) in Abuja.

Ngama said that a gross revenue of N763.553 billion was received for the month (June) which was higher than the N579.301 billion received in the previous month by N184.252 billion.

This, he said, was due to Company Income Tax, Import Duties and Petroleum Profit Tax (PPT) on Production Sharing Contract (PAC) and Modified Carry Arrangement (MCA).

Giving a summary, he said the distributable statutory revenue was N467.007 billion, adding that also distributed was the N7.617 billion refunded by the Nigerian National Petroleum Corporation (NNPC).

The Minister disclosed that a total revenue distributed (Including VAT) was N526.227 billion, adding that the sum of N3.549 billion was for distribution under the SURE-P Programme.

Of the N569.393 billion for distribution in June, the Federal Government, he said, got a total of N218.313 billion, states, N110.731 billion, and local governments N85.369 billion while N41.864 billion was for derivation.

Ngama said government’s revenue was increasing, noting that mineral revenue for June stood at N529.920 billion while non-mineral revenue was N233.633 billion.