The three tiers government in the country have shared a total of N718.103 Billion as federation revenue for the month of June 2013. They shared N620, 656 Billion naira.
A breakdown of the sharing shows that the Federal Government got N294.038 Billion (52.68%) as against N235, 778 Billion it got in May; the State governments got N149.140 Billion (26.72%) compared to the N119, 590 Billion they got in May while the Local governments got N114.981 Billion (20.60%) as against N92.199 Billion in May.
The oil producing States got a total of N52.230 Billion as 13 % derivation revenue for the month of June compared to the N48, 874 Billion they received last month.
A communiqué issued by the Federal Account Allocation Committee shows that the distributable statutory revenue for June was N623.767 billion. Although there was no augmentation for the month; the augmentation arrears for the month of May, amounting to N92.436 Billion, was distributed.
According to the communiqué, the sum of N7.617 Billion refunded by NNPC and the N35.547 Billion from the Subsidy Re-investment Programme (SURE-P); formed part of the total distributable revenue for the month.
The communiqué confirmed that the gross revenue for the month was N863.026 Billion. This was higher than the N590.777 Billion received in May by N272.249 Billion. The higher revenue was a result of increased crude oil production due to the completion of pipeline repairs in some terminals. There was also a significant increase in non-oil revenue during the period due to the receipt of accumulated arrears on companies.
The communiqué said petroleum products lifting operations were still affected by the Force Majeure declared at Bonny Terminal coupled with continuous crude oil theft and vandalism.
For the month of June 2013, the gross revenue available from the Value Added Tax (VAT) was N51.170 Billion as against N74.873 Billion in the preceding month resulting in a decrease of N23.703 Billion.
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