FAAC: FG, States, LGs Share N756 Billion for June 2014

The Nigerian Minister of State for Finance, Ambassador Bashir Yuguda says about N756 billion has been shared among the Federal, States and Local Government Areas as revenue for the month of June.
Ambassador Yuguda made this known in Abuja on Tuesday when he briefed newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting. The Minister said a breakdown of the distribution showed that the Federal Government received N270.144 billion representing 52.68 percent; and States, N137 billion, representing 26.72 percent. He also added that the Local Governments received N105.6 billion, amounting to 20.60 percent. The Minister said that N57.9 billion, representing 13 percent derivation revenue was also shared among the oil producing states. On Value Added Taxes (VAT) he said the gross revenue collected for the month of June was N66.4 billion as against the N65.4 billion received in May, representing an increase of N999 million. 
Source: VON

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