The Federation Accounts Allocation Committee (FAAC) shared a total of N651.18billion as allocations to the three tiers of government and other relevant agencies for the month of June.
This was contained in a communiqué issued by FAAC at the end of its July 2020 meeting held through virtual conferencing.
The Director, Information, Press and Public Relations, Office of the Accountant General of the Federation (OAGF), Henshaw Ogubike, said in a statement on Sunday that the meeting was chaired by the Accountant-General of the Federation, Ahmed Idris.
She said the gross statutory revenue available in June was N524.526billion, gross revenue from the Value Added Tax (VAT) was N128.826billion, and revenue from the exchange gain was N42.832billion.
Ogubike said: “This brought the total revenue for the month to N696.184billion.
“From this total, the sum of N45billion was saved in the excess non-oil revenue account and the balance of N651.184billion was shared to the three tiers of government and relevant agencies.”
According to her, the balance in the Excess Crude Account as at July 16 was $72.407million.
It was learnt that the gross statutory revenue of N524.525billion available in June was higher than the N413.953billion received in the previous month by N110.573billion.
Also, the gross revenue of N128.826billion available from VAT was higher than the N103.873billion in the previous that month by N24.953billion.
Ogubike added that from the total revenue, the Federal Government received N266.131billion, states received N185.774billion and Local Government councils received N138.974billion.
The oil-producing states received N28.496billion as 13 percent derivation revenue, while N76.809billion was given to revenue/relevant agencies.
The federal government received N227.584billion from the gross statutory revenue, the states received N115.434billion and the Local Government councils received N88.995billion.
The sum of N24.722billion was given to the relevant states as 13 percent derivation revenue.
The federal government received N17.971billion from VAT revenue, states received N59.904billion, Local Government councils received N41.933billion.
The revenue/relevant agencies received a total of N9.018billion.
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