The Federation Accounts Allocation Committee on Tuesday shared the sum of N 652. 2bn as statutory allocations to the three tiers of government for the month of June .
The amount is made up of revenues generated from oil and non - oil sources that were paid into the Federation Account.
Addressing journalists shortly after a meeting that was held at the headquarters of the Ministry of Finance , the Accountant -General of Federation , Alhaji Idris Ahmed, put the statutory revenue received during the month at N 570. 8bn.
This, he added , represented an increase of N 253bn over the N 317. 56bn received in May .
Giving a breakdown of the N 652. 22bn shared , he said the Federal Government got N 286. 6bn; the states , N 178. 61bn; and local government councils , N 134. 92bn.
Ahmed added that the sum of N 29. 89bn was approved for sharing to oil -producing states based on the 13 per cent derivation principle.
Asked if Lagos State had started enjoying the 13 per cent derivation formula as an oil -producing state, the AGF said the state was already recognised as such .
He said , “ Lagos is already being identified as an oil -producing state; the first hurdle has been crossed .
“ The relevant agencies to determine the quantity of oil that is being produced from Lagos is working round the clock . We are on course ; Lagos already know its position . ”
He added that there was a decrease in the crude oil export volume in June , which affected oil revenue.
Ahmed explained, “ The decrease in the average price of crude oil from $55. 18 to $50. 27 per barrel and a significant decrease in export volume by 3. 20 million barrels resulted in decreased revenue from export sales for the federation by $183. 68m .
“ Crude oil production suffered due to leakages, shut- ins and shutdowns at terminals for maintenance and force majeure declared at the Forcados terminal since February .
“ There were significant increases in Company Income Tax, being the peak period for its collection , and Petroleum Profit Tax. Also , Value Added Tax, import and excise duties recorded marginal increases. ”

Source: Punch