FG, states, LGs shared N770 billion for July

The Federal Government, states and local councils have shared a total of N769.523 billion from the federation account for the month of July.

In a communiqué at the end of the Federation Accounts Allocation Committee (FAAC) meeting yesterday in Abuja, the Minister of Finance, Zainab Shamsuna Ahmed, said the amount was made up of revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue.

She noted that as at August 22,2019, the balance in the Excess Crude Account was $274.407 million.A break down shows that of the total revenue shared, the Federal Government received N299.799 billion, the states got N190.381 billion while N143.569 billion went to the councils.

The gross statutory revenue for the period under review was N674.365 billion as against the N652.949 billion posted the previous month.