Abuja (WorldStage Newsonline)-- The three tiers of government in Nigeria shared N703.45 billion in the month of July, it was disclosed on Wednesday.
This amount includes the $1 billion (about N162 billion) withdrawn from the Excess Crude Account savings, amongst other accruals to government coffers during the month.
Giving a breakdown of the accrued revenue and amount shared by the tiers of government at the end of the Federation Account Allocation Committee' meeting in Abuja, Minister of State for Finance, Dr Yerima Ngama, said the revenues generated far exceeded the budgeted figures, thereby giving assurances that the targeted $10 billion in the Excess crude Account would be exceeded by year end.
Specifically, the minister disclosed that a total of N646.47 billion was raked in from oil minerals source during the month, compared to the N178.92 billion from non oil source. VAT collection was N53.91 billion.
He explained: "I am happy to announce to you the total oil minerals revenue that government collected for the month of July was N646.47 billion. This is almost twice the budgeted revenue according to the 2012 budget. The budgeted revenue is N383.9 billion, giving a positive variance of N262.56 billion. And this amount collected also exceeded the amount collected for the of June by N116 billion.
"For non mineral revenue, the total revenue collected for the month of July was N178.92 billion. This has exceeded the budgeted amount of N118.64 billion by N60.27 billion.
The total fund for distribution this month is N825.39 billion which exceeds the budgeted N502 billion that we normally distribute by N322.84 billion", the Minister added.
He explained further that excess mineral revenue amounting to N85 billion and excess non-mineral revenue of N60 billion was also recorded and that in view of the surplus earnings N213.1 billion would be credited to Excess Crude Account. He stated that the statutory allocation to be distributed to the three tiers of government from mineral and non mineral sources is as follows: the Federal Government is to receive N216.43 billion, State Governments will collect N109.77 billion and Local Governments will collect N84.63 billion.
According to him, N35.6 billion was refunded to the three tiers of government through the Subsidy Reinvestment and Empowerment Programme (SURE-P) programme while the states also shared the