Federal, states and local
governments on Thursday shared N714.8 billion revenue generated in July.
The figure indicated a decline of
N107.1 billion when compared to what was generated in June.
The Minister of Finance, Mrs Kemi
Adeosun, while briefing newsmen in Abuja on the outcome of the monthly
Federation Account Allocation Committee (FAAC) meeting, highlighted several
factors that impacted negatively on the month’s income.
“Crude oil exports sales volume
was 3.74 million barrels showing an increase of 0.17 million barrels when
compared with the previous month sales of 3.57 million barrels.
“Despite the improved revenue,
production was negatively affected in the period by shut-ins and shut-down at
various terminals for repairs and maintenance of ageing facilities.
“The value Added Tax (VAT),
import duty, Companies Income Tax (CIT) and Oil Royalty decreased, while
Petroleum Profit Tax recorded an increase,” she said.
Adeosun, giving a breakdown of
the revenue generated, said that N376.14 billion was generated as mineral
revenue, while N221.8 billion came from non-mineral resources.
The minister said that Federal
Government received N269.8 billion, states N136.85 billion and local government
N105.5 billion.
She said that N44.96 billion was
also shared among the oil producing states, representing 13 per cent of the oil
revenue generated in the month of July.
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