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FAAC reveals money shared among federal, states, LGs in July allocation

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The Federation Account Allocation Committee, FAAC, has shared among the federal, states and local governments the sum of N966.110 billion July Federation Account Revenue.

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 on Tuesday disclosed this figure and the sharing formular.

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, while the Local Government Councils received N229.409 billion.

Similarly, the sum of N51.545 billion was shared with the oil-producing States as 13 per cent derivation revenue.

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

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