Sunday, 29 July 2018
FG, States, LGs share N822bn June allocation
Minister of Finance, Mrs Kemi Adeosun, made the disclosure on Friday.
Giving a breakdown of the allocation, Adeosun said that after deductions for cost of collections, the Federal Government received N283.54 billion.
Adeosun noted that in accordance with the revenue sharing formula, the 36 states governments received N143.81 billion, while the Local Government Councils received an allocation of N110.87 billion.
She announced that N37.4 billion representing 13 per cent of the mineral revenue generated in the month of June, was also shared among the oil producing states.
Adeosun said the nation generated N393.17 billion as mineral revenue and N294.17 billion as non-mineral revenue in February.
The minister added that in the spirit of saving for a rainy day, N100 billion was transferred to the Excess Crude Account, making the balance 2.27 billion dollars.