The Federation Account Allocation Committee (FAAC) has shared the sum of N518.542 billion for the month of June to the three tiers of government an increase from the N403.024 billion shared in May in accordance with the revenue sharing formula.
The Federal Government received N242.647 billion which represents 52.68 per cent of the total revenue shared.
States got N123.074 billion, which represents 26.72 per cent, while the Local Governments received N94.885 billion.
Giving a breakdown of the allocated revenues, the FAAC Chairman and Permanent Secretary Federal Ministry of Finance, Mrs Anastasia Nwokobia stated that the sum of N6.330 billion was refunded to the Federal government by the Nigeria National Petroleum Corporation (NNPC) as the balance of N450 billion NNPC owed to the Federal Government, adding that the NNPC had been making the refund instalmentally for years.
She said that mineral revenue for the month of June is N289.353 billion against the budgeted sum of N323.473 billion while the non-mineral revenue is N196.599 billion as against the proposed sum of N190.220 billion.
The gross revenue available from the Value Added Tax (VAT) for June was N64.992 billion as against N56.821 billion distributed in the preceding month, resulting in an increase of N8.171 billion.
The Federal Government received N9.359 billion as against the budgeted sum of N15.404 billion which also represents 15 per cent of the amount distributed, while states got a total of N31.196 billion as against the budgeted sum of N51.348 billion which represents 50 per cent of the VAT distributed.
Similarly, the Local government Councils received a total of N21.839 billion as against the proposed sum of N35.944 billion which is 35 per cent of the accrued VAT.
These brought the total amount of VAT shared amongst the three tiers of government to N62.392 billion.
Mrs Nwokobia also said that as at 24th July, 2015, the total balance in the Excess Crude Account (ECA) is $2.207 billion.