Nigeria Shares Over N769bn Oil Revenue Among 3 Tiers Of Gov’t

By Lazarus Zakaa, Abuja.

The Nigeria’s Government Federation Account Allocation Committee has distributed the sum of N769.523bn to the three tiers of government as their share of the proceeds from the sale of crude oil for the month of July.

The Accountant-General of the Federation, Ahmed Idris, who disclosed this in Abuja said the revenue from the VAT, which stood at N94.15 billion, was lower than N108.63 billion distributed in June, resulting in a decrease of N14.472 billion.

Represented by Mohammed Usman, Director, Funds, Office of the Accountant-General of the Federation (OAGF), Idris said the shared amount comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue.

The break down of the allocation show that Federal Government received N299.79 billion, states received N190.38 billion, while the Local Government Areas received N143.56 billion.

He further pointedetails of the allocation announced by the committee showed the balance in the Excess Crude Account (ECA) stood about $274.407 million