FAAC: FG, States, LGAs share N769.52bn for July

The Federal Government, States and Local Government Areas (LGAs) shared N769.52 billion as federal allocation for the month of July.

Mr Ahmed Idris, the Accountant-General of the Federation (AGF), said this on Thursday in Abuja, while addressing newsmen at the end of the Federation Accounts Allocation Committee (FAAC) meeting.

Represented by Mr Mohammed Usman, Director, Funds, Office of the Accountant-General of the Federation (OAGF), Idris said the shared amount comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue.

He said that the gross statutory revenue for the month was N674.36 billion, higher than the N652.9 billion received in the previous month by N21.41 billion.

Idris added that revenue from the VAT, which stood at N94.15 billion, was lower than N108.63 billion distributed in June, resulting in a decrease of N14.472 billion.

The Acoountant General of the Federation said that Exchange Gain yielded a total revenue of N0.999 billion.

On the sharing formula, overall, the Federal Government received N299.79 billion representing 52.68 per cent, while states received N190.38 billion, representing 26.72 per cent.

The AGF said that Local Government Areas received N143.56 billion representing 20.60 per cent.

He added that the oil producing states received N42.81 billion as 13 per cent derivation revenue, while revenue collecting agencies received N92.85 billion as cost of collection.

Idris also explained that the Excess Crude Account (ECA) balance stood at 274.4 million dollars.