FAAC breakdown N955bn to FG, States, LGCs for July

The Federation Account Allocation Committee (FAAC) has shared N954.085billion to the three tiers of government for the month of July.

Phil Abiamuwe-Mowete, the Director of Information, issued a statement containing the breakdown.

The Federal Government received N406.610billion, States received N281.342billion, Local Government Councils got N210.617billion.

Oil producing states received N55.515billion as derivation (13 per cent of Mineral Revenue).

The Gross Revenue available from the VAT for July was N177.167billion was a decrease distributed in the preceding month.

FG received N26.575billion; States got N88.584billion, while LGCs got N62.008billion.

However, the Gross Statutory Revenue of N776.918billion distributed was higher than the sum for June.

FG got N380.035billion, States N192.759 billion, LGCs N148.609billion, and Oil Derivation (13 per cent Mineral Revenue) N55.515billion.

The statement noted that Import Duty and Value Added Tax (VAT) decreased considerably.

The balance in the Excess Crude Account (ECA) as at August 24 stands at $470.599million.