Nigeria’s Federation Accounts Allocation Committee (FAAC) has shared a total of N769.523 billion (about $2.523bn) to the Federal, States and Local governments for the month of July 2019.
A communique issued by the Federation Account Allocation Committee (FAAC) after their meeting showed that the figure comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue.
It added that the Federal Government received N299.799 billion, the States received N190.381 billion, and the Local Government Councils received N143.569 billion.
According to local media reports on Tuesday, the Oil Producing States received N42.917 billion as 13% derivation revenue and the Revenue Generating Agencies received N92.857 billion as cost of revenue collection.
The reports explained that gross statutory revenue for the month of July 2019 was N674.365 billion, up from N652.949 billion received in the previous month by N21.416 billion.
The Committee also announced that as at 22nd August 2019, the balance in the country’s Excess Crude Account was $274.407 million. ($1-N305)
GIK/APA