The revenue reporting template to be used by the Nigerian National Petroleum Corporation NNPC for remittances to the Federation Account Allocation Committee FAAC will be ready in September.
The minister of finance, Kemi Adeosun, made this known while briefing journalists on the outcome of the monthly FAAC meeting.
President Muhammadu Buhari had ordered a review of the revenue reporting template between NNPC and FAAC as a lasting solution for the frequent disagreements between both parties over remittances.
NAN reports that federal, states and local governments shared N714.8 billion as revenue generated in July
Giving a breakdown of the revenue generated, Adeosun said N376.14 billion was generated as mineral revenue, while N221.8 billion came from non-mineral resources.
To this end, the minister said the federal government received N269.8 billion; states, N136.85 billion and local government, N105.5 billion.
Oil-producing states received N44.96 billion as 13 per cent of the oil revenue generated in the month of July.
Adeosun said the equivalent of N25 million was transferred into the excess crude account (ECA) leaving the balance at $2.31 billion.
The minister also gave an update on the review of the revenue reporting template between the NNPC and the FAAC as directed by President Muhammadu Buhari.
She announced that the reporting template would be ready before the next FAAC meeting in September.
Source: Today Ng
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