FAAC SHARES N559.032BN FOR JUNE

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A total sum of N559.032b has been disbursed to the three tiers of Government as Revenue for the month of June. Giving a breakdown of the sharing of the revenue among the three tiers of government at the Federation Account Allocation Committee meeting in Abuja, the Minister of Finance, Kemi Adeosun disclosed that, the Federal Government received N199.754 billion, representing 52.68 per cent; states, N101.318 billion, representing 26.72 percent; and local governments, N78.112 billion, amounting to 20.60 per cent of the amount distributed.

Explaining that N17.124 billion, representing 13 per cent derivation revenue, was shared among oil producing states. Speaking with media after the Federal Account Allocation committee meeting, the Minister of Finance Kemi Adeosun further disclosed that, The Nigerian National Petroleum Corporation (NNPC) refunded the sum of N6.330 billion while an exchange gain of N79.272 billion was recorded.

Adding that, Excess Crude Account (ECA) balance also stands at N394 billion.

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