FG, state, local governments shared 966.110bn in July

FG, state, local governments shared 966.110bn in July

The Federation Account Allocation Committee (FAAC) has shared the sum of N966.110 billion July Federation Account Revenue to the Federal Government, States and Local Councils.

This was disclosed in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja Tuesday.

The N966.110 billion total distributable revenue comprised statutory revenue of N397.419 billion, Value Added Tax (VAT) revenue of N271.947 billion, Electronic Money Transfer Levy (EMTL) revenue of N12.840 billion and Exchange Difference revenue of N283.904 billion.

Accordingly, the Federal Government received N374.485 billion, the State Governments received N310.670 billion, and the Local Government Councils received N229.409 billion.

Meanwhile, N51.545 billion was shared with the oil-producing states as 13% derivation revenue.

It added that the Excess Crude Account (ECA) balance stood at $473,754.57.