The Account Allocation Committee (FAAC) yesterday announced a revenue shortfall of N250.970billion to the federation account for the month of July 2016.
The statutory revenue that accrued to the nation’s account dropped from the N538.788 billion received in June to N287.819 billion in July, representing 11 per cent decrease. Permanent secretary, federal ministry of finance, Alh. Mahmoud Isa Dutse who briefed journalists after the meeting blamed the development on the renewed activities of pipeline vandalism my Niger Delta militants.
“The gross statutory revenue of N287,219 billion received for the month was lower than the N538.788 billion received in the previous month by N250.970,” Dutse said while addressing the media after the program that ended by 8:57 pm.
Meanwhile, the Permanent secretary disclosedthat the statutory Revenue for the month is N268.772 billion. While the sum of N6.330 billion was refunded by NNPC to the federal government. There was also a distribution of N1.373 billion excess bank charges recovered from 2008 to 2012, even as he added that therewas another Exchange gain of N70.307 billion for the current month and N36.494 billion arrears of May, 2016 that are proposed for distribution. “The total revenue distributable for the currently month (including VAT) is N443.663 billion,” he stated.
A breakdown of the distribution table showed that the federal government got the lion share of 52.68 per cent, representing N129.212 billion while the state and Local governments took 65.538 or 26.72 per cent and N50.527, representing 20.60 per cent respectively.
Meanwhile, a total sum of N12.874 billion was paid as 13 per cent derivation to oil and other mineral resources producing states in the country as against the 17.124 billion that was shared to them in the previous month.
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