Three Tiers of Government Share N755.9bn in June as ECA Rises to $4.5bn

On Tuesday, July 15, total distributable revenue amounting to about N755.95bn was shared by the Federation Accounts Allocation Committee (FAAC) among the three tiers of government for June as the Excess Crude Account (ECA) had increased from about $3.6bn to about $4.5bn.

The Minister of State for Finance, Alhaji Bashir Yuguda, said revenue was boosted by the remittance of $148mn by TEPNG Limited and Chevron Nigeria Limited despite the slight decrease in mineral revenue which stood at about N417.61 compared to the previous month following the ongoing repair and maintenance work at various terminals, including the Force Majeure declared at Forcados between March and May.  Non-oil revenue stood at about N165.93bn while AT increased slightly to about N65.41bn compared to about N66.41bn in May.

He said in addition to N71.04bn from excess crude oil revenue proceeds, total revenue distributable for the month including Value Added Tax (VAT) was about N684.89bn.

The constant N35.549bn under the subsidy re-investment programme (SURE-P), was also shared.

The federal government got about N270.14bn while states shared about N137.02bn as well as the local government which received about N105.63bn. the sum of about N57.89bn was allocated to the oil and gas producing states under the derivation principle.