FG, States, LGs share N1.4 trn FAAC shares N907.5 b to FG, States, LGCs

 FG, States, LGs share N1.4 trn

FAAC shares N907.5 b to FG, States, LGCs

The Federation Account Allocation Committee (FAAC) has shared the sum of N1.358 trillion to the three tiers of government.

The funds came from the July Federation Accounts revenue, according to the statement by the Director of Press and Public Relations of the Office of the Accountant-General of the Federation, Mr. Bawa Mokwa, in Abuja, last night.

The N1.358 trillion total distributable revenue comprised distributable statutory revenue of N161.593 billion, distributable Value Added Tax (VAT) revenue of N582.307 billion and Electronic Money Transfer Levy (EMTL) revenue of N18.818 billion.

Also included in the total distributable revenue was Exchange Difference revenue of N581.710 billion and Solid Mineral revenue of N13.647 billion.

A communique issued by the Federation Accounts Allocation Committee (FAAC) indicated that a total revenue of N2. 6 trillion was available in the month of July 2024. Total deduction for cost of collection was N99.756 billion while total transfers, interventions and refunds was N1.155 trillion.

According to the communique, gross statutory revenue of N1.387 trillion was received for the month of July 2024.

This was lower than the sum of N1. 332 trillion received in the month of June 2024 by N45.517 billion.

Gross revenue of N625.329 billion was available from the Value Added Tax (VAT) in July 2024. This was higher than the N562.685 billion available in the month of June 2024 by N62.644 billion.