Federation Account Allocation Committee (FAAC), Thursday shared N714.809 billion to the three tiers of government.

Minister of Finance, Mrs Kemi Adeosun, who presided over the meeting said that N597.975 billion came from earnings into the Federation Account, with the balance coming from Value Added Tax (VAT).

Of the N597.975 billion, the federal government received N269.825 billion, states got N136.859 billion, while N105.512 billion was allocated to the Local Governments.

The nine oil producing states received an additional N44.964 billion representing 13% derivation, N40.815 billion paid out as cost of collection to Nigeria Customs Service and Federal Inland revenue service (FIRS).

Crude oil export sales volume for July was 3.74 million barrels resulting in an increased revenue from federation crude oil exports. The previous month’s figure of export was 3.57 million barrels.

Adeosun revealed that the Excess Crude Account had grown to $2.332 billion.

Meanwhile, new NNPC reporting template ordered by President Muhammadu Buhari to resolve the debate on inadequate remittances into the Federation Account would be ready by next month.

According to the minister, “what the president wanted was a monthly reconciliation of figures among ministry of finance, Office of Accountant General of the Federation (OAGF), Director, Home Finance and Nigeria National Petroleum Corporation (NNPC).”

Vanguard