FG, states, LGs receive N762.5bn from federation account in June

The Federation Account Allocation Committee has distributed the sum of N762.59bn to the three tiers of government for the month of June.

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.

He noted that the gross statutory revenue of N652.9 billion received for the month was higher than the N571.7 billion received in May by N81.21 billion.

According to him, out of the N762.59bn, the sum of N652.94bn was shared as statutory allocation while the balance of N108.63bn came from Value Added Tax.

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On the sharing formula, the Federal Government received N293.3bn, States N148.76bn, Local Government Councils N114.69bn, while the oil-producing States got N38.61bn as 13 per cent derivation revenue.

In addition, the revenue collecting agencies received N57.57bn as cost of collection.

From VAT distribution of N108.63bn, the Federal Government received N15.64bn, States N52.14bn, Local Government Councils N36.5bn, while revenue-generating agencies got N4.34bn as cost of collection.

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