Federal Allocation: FG, States, LGAs share N493.8 billion in July

The monthly revenue shared by the Federation Account Allocation Committee (FAAC) to the Federal, state and Local Governments dropped to N493.8 billion in July, according to the  Office of the Accountant General of the Federation.

The AGF Office said the shared amount comprised the Month’s Statutory revenue of N258.151 billion, Value Added Tax of N66.987 billion, Exchange gain of N70.037 billion, Exchange Gain differential claim of N36.494 billion for the month of May, additional distribution of N50.165 billion from excess PPT and N1.373 billion as excess bank charges recovered from 2008 to 2012.

The Nigerian National Petroleum Corporation (NNPC) also refunded N6.330 billion to the Federal Government.

According to the AGF Office the federal government received N129.212 billion (52.68 per cent); the 36 states, N65.538 billion (26.72 per cent) and the Local Governments N50.527 billion (20.60 per cent), while the Oil Producing States received N12.874 billion as 13 per cent derivation revenue.

The gross statutory revenue for the month of July including solid minerals amounted to N275.102 billion while the net allocation is N258.151billion. The gross value added tax is N66.987 billion and the total distributable revenue is N335.759 billion.

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