Finance Minister, Kemi Adeosun

Federal, states and local governments have shared a total of 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, who today, Thursday, briefed 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.

Giving a breakdown of the revenue generated, Mrs. Adeosun said that N376.14 billion was generated as mineral revenue, while N221.8 billion came from non-mineral resources.

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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.