By Henry Tyohemba, Abuja
The three tires of Governments, Thursday shared the sum of N714.809 billion representing Federation revenue for the month of July 2018.
The gross statutory revenue of N597.597 billion received for the month was lower than the N694.673 billion received in the previous month by N96.697 billion.
The Minister of Finance, Mrs Kemi Adeosun announced this while briefing journalists at the end of the meeting of the Federation Account Allocation Committee (FAAC), in Abuja on Thursday.
She said that revenue from all sources increased tremendously adding that additional sum of N12 billion received from NNPC was distributed accordingly to the three tiers of government.
According to her, crude oil export sales volume was 3.74 million barrels resulting in an increased revenue from Federation Crude Oil Exports by 0.17 million barrels when compared with the previous month’s sales volume of 3.57 million barrels.
She added that despite the improved revenue, production was negatively affected in the period by Shut-in and Shut -down at various terminals for repairs and maintenance of ageing facilities.
Breaking down the allocations, Mrs Adeosun said the Federal Government received N298.288 billion; State Governments N183.773 billion; Local Governments N138.964 billion while N49.777 billion was for 13 percent mineral revenue derivation.
She further said that for the month of July, the gross revenue available from the Value Added Tax VAT was N79.807 billion as against N83.343 billion distributed in the previous month, resulting in a decrease on N5.536 billion.
