HomeBusinessFG, states, LGs share N966bn July revenue

FG, states, LGs share N966bn July revenue

The Federation Account Allocation Committee says it shared N966.11bn among the three tiers of government for July 2023.

The figure represents a marginal increase of N59.06bn compared to the N907.05bn shared for June 2023, and it is the highest this year.

FAAC disclosed this in a communiqué issued at the end of its latest meeting in Abuja on Tuesday, according to a statement by the Director, Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mowa.

The meeting was chaired by the new Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

Previously, it was chaired by the Accountant General of the Federation, Dr Oluwatoyin Madein.

The total amount includes gross statutory revenue, Value Added Tax, and electronic money transfer levies and exchange rate difference revenue.

The communiqué read  in part, “The N966.11bn total distributable revenue comprised distributable statutory revenue of N397.42bn, distributable Value Added Tax revenue of N271.95bn, Electronic Money Transfer Levy revenue of N12.84bn and Exchange Difference revenue of N283.904bn.

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