- Category: ECONOMY
- Published on Sunday, 31 July 2011 23:50
- Written by Administrator
FAAC Report For The Month Of June 2011: Federal Government Nigeria, State Government, Local Government Areas, Shared N1.317 Trillion
The Federation Account and Allocation Committee met and shared the sum of N1.317 for the month of June. Federal Government share was N222.467 billion, while States got N112.838 billion and the Local Governments had N88.993 billion. The distributable VAT for the month of June, 2011 was
Federal Government got N7.876 billion.
States Governments had N26.253 billion while
Local Governments Areas got N18.377 billion
The gross revenue of N883.300 billion received for the month was higher than the N670.464 billion received in the previous month by N212.836 billion. This was due to increase in oil prices at the International Market and increase in payment of production sharing contracts. However, there was decrease in crude oil production and lifting during the month and this was due to the ongoing maintenance work at the Brass Terminal pipeline break at Bonny Terminal, Injector Compressor breakdown at Akpo Terminal and repair work on Usari Idoho pipeline at Qua Iboe Terminal.
Furthermore, the sum of N710.710 billion is also proposed as argumentation arrears for the months of January to April, 2011. The meeting was chaired by the Permanent Secretary, Mr. Danladi Kifasi as the Hon. Minister of State was attending a retreat organized by Mr. President for the newly appointed Ministers. In attendance were the Commissioners and Accountant Generals from the 36 States of the Federation and Abuja.