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By correspondent.
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 Areas.
FAAC disclosed this in a communiqué issued at the end of its meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja on Tuesday.
According to the committee, 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.
“Meanwhile, N51.545 billion was shared with the oil-producing States as 13 per cent derivation revenue.
“The Excess Crude Account (ECA) balance stood at $473,754.57,the communique added.
Edited by Dada Ahmed.
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