The three tiers of government, Friday shared the sum of N821 billion representing federation revenue for the month of June.
Mrs. Keith Adeosun, Finance Minister
The Minister of Finance, Mrs. Kemi Adeosun, gave the figure while briefing the press at the end of the month’s Federation Account Allocation Committee (FAAC) meeting in Abuja.
According to her, President Muhammadu Buhari has directed a new template for calculating oil revenue remittance by the Nigerian National Petroleum Corporation (NNPC).
This she said, would permanently address the controversy over inadequate remmitances between the NNPC and state governments.
The breakdown showed that the federal government got N315 billion , while States and Local governments received N194. 5 billion and N147, 05 billion,respectively.
The oil producing states of the Niger Delta received additional N42.8 billion representing 13 per cent derivation.
On the new template, the minister said,that the draft would be out by next month and be sent to the states for their inputs.
She also said that henceforth, a pre-FAAC meeting would hold between the Federal Ministry of Finance and the NNPC to consider the figures availablw for remittance for the month before each FAAC.
Pamela James reporting.