Nigeria - Some economic relief as FG, States and LGs share #559bn allocation, highest in months

The nation's economy has witnessed some relief as for the first time in many months, the revenue made a significant rebound with federal, state and local governments, yesterday, sharing a total of N559 billion. 

The amount represented accruals into the Federation Account and proceeds from Value Added Tax in the month of June.

The Minister of Finance, Mrs Kemi Adeosun, who disclosed this at the end of the Federation Account Allocation Committee, FAAC, meeting in Abuja, said all tiers of government were glad that the revenue was looking upward. 

This month’s net distribution was N 263. 904 billion above last month’s N305.128 billion. The Federal Government got a total of N209.460 billion; states N133.671 billion; while local governments received N100.759 billion. The nine oil producing states got extra N 18 billion as 13 per cent derivation from oil revenue. 

The minister said the improvement in revenue was due to more tax receipts by the Federal Inland Revenue Service and duties by the Nigeria Customs Service, adding that the Excess Crude Account had jumped to $3.09 billion. 

Adeosun said in spite of declaring the economy technically in recession, there was a hope of a rebound. She said the high revenue also was indicative that the reforms of the present administration were working and would return the nation to the path of growth.

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