FAAC said FG received N345.564 billion, states received N295.948 billion, while LGCs received N218 billion
Kehinde Okeowo
The federal government, state governments and local government councils have all shared the sum of N907.054 billion from Nigeria’s June revenue.
This was disclosed on Thursday in Abuja by the Director of the Press Office of the Accountant General of the Federation, Bawa Mokwa after a FAAC meeting chaired by the Accountant General of the Federation, Oluwatoyin Madein.
According to the director, the amount represents an increment from N714.629 billion shared in May, while the outstanding balance of the Excess Crude Account as of June stood at $473,754.57.
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Mokwa went on to explain that the amount comprised statutory revenue of N301.501 billion, Value Added Tax revenue of N273.225 billion, Electric Money Transfer Levy of N11.436 billion and Exchange Difference revenue of N320.892 billion, respectively.
A further breakdown of the allocation by FAAC revealed that the federal government (FG) got N345.564 billion, state Governments got N295.948 billion and local government councils (LGC) received N218 billion.
Reading out the allocations, he said: “Gross statutory revenue of N1,152.921 billion was received for June 2023. It was higher than N701.787 billion received in the previous month by N451.134 billion,”.