FAAC shares N907.054 billion to FG, States, LGAs

The Federation Account Allocation Committee (FAAC) has shared a total sum of N907.054 billion to the Federal Government, States and Local Government Areas in June.

This was contained in a communiqué issued at the end of FAAC meeting for July 2023.

The meeting was chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, according to a statement by FAAC’s spokesman, Bawa Mokwa, on Thursday.

Mokwa disclosed that the N907.054 billion total distributable revenue comprised distributable statutory revenue of N301.501 billion, distributable Value Added Tax (VAT) revenue of N273.225 billion, Electronic Money Transfer Levy (EMTL) of N11.436 billion, and Exchange Difference revenue of N320.892 billion.

FAAC noted that in June 2023, the total deductions for the cost of the collection were N73.235 billion and total deductions for transfers and refunds were N979.078 billion.

It added that the balance in the Excess Crude Account (ECA) was $473,754.57

The statement explained that the Federal Government received N345.564 billion, State Governments received N295.948 billion and Local Government Councils received N218 billion.