FG, States, LGs Share N762.5bn June Revenue

• FG, States, LGs Share N762.5bn June Revenue

The Federation Account Allocation Committee on Thursday distributed the sum of N762.59bn to the three tiers of government.

The amount, which was distributed from the gross revenue generated for the June, represents an increase of N82.99bn over the N679.6bn shared in the previous month.

A communiqué issued at the end of the FAAC meeting, which was held at the headquarters of the Ministry of Finance, showed that out of the N762.59bn, the sum of N652.94bn was shared as statutory allocation while the balance of N108.63bn came from Value Added Tax.

From the N652.94bn, the Federal Government received N293.3bn; states N148.76bn, Local Government Councils N114.69bn while the oil- producing states got N38.61bn as 13 per cent derivation revenue.

In addition, the revenue- collecting agencies received N57.57bn as cost of collection.

From VAT distribution of N108.63bn, the Federal Government received N15.64bn; states, N52.14bn; Local Government Councils N36.5bn while revenue- generating agencies got N4.34bn as cost of collection.

The communiqué, which was read by the Accountant-General of the Federation, Ahmed Idris, put the gross statutory revenue at N652.94bn.

This, it stated, was higher than the N571.73bn received in the previous month by N81.21bn.

It put the balance in the Excess Crude Account as of July 24 at $111.2m.