By Florence Israel, Abuja
The three tiers of government shared N551,710 billion as federal allocation for the month of June. The amount was an increase of N250,867 compared to the month of May.
The Accountant General of the Federation Ahmed Idris presided over the Federation Account Allocation Committee meeting Tuesday evening at the Ministry of Finance main auditorium and presented the figure to newsmen.
A breakdown of the distribution showed that the Federal Government collected N274,893 billion, the States got N139,429 billion while the Local Governments got N107,494billion.
The amount generated through the Value Added Tax VAT was N78,379 billion.
There was a decrease in revenue from export sales for the federation by $183,68 million resulting from decrease in the average price of crude oil from $55.18 to $50.27.
According to the communique, crude oil suffered due to leakages, shut-ins and shut-downs at terminals for maintenance as well as the Force Majeure declared at Forcados Terminal since 2016.
