FAAC distributes N559bn for June

• As FG releases N248bn for capital budget

For the first time in over a year, the Federation Accounts Allocation Committee (FAAC) on Thursday distributed N559.032 billion for the month of June 2016.

Finance minister, Kemi Adeosun who stated this shortly after the FAAC monthly meeting in Abuja also said that so far, the Federal Government has released N247 billion for the first quarter capital allocations out of a total N350 billion.

According to the Minister, the N559.032 billion was N129.198 billion more than was was shared for May.

The improvement came from an additional 1.9 million barrels of crude produced N165 billion from Federal Inland Revenue Service (IRS), N12.6 billion from Nigeria Customs Service (NCS) and N79.272 billion exchange rate gain.

Also, Adeosun disclosed that a total $3.094 billion is presently kept in the excess crude account.

On capital budgetary releases, she explained that Ministry of Works got N74.9 billion, Ministry of Transportation got N22.1 billion, while Ministry of Agriculture got N21.9 billion allocation among others.