FAAC Shares N520.9b To FG, States, LGs

The Federal Accounts Allocation Committee (FAAC) said it distributed N520.917 billion to the three tiers of government in July.

The meeting chaired by Minister of State for Finance, Alhaji Yerima Lawal Ngama shared the funds in the ratio of 52.68%, 26.72% and 20.6% for Federal, State and Local governments respectively.

By that formula, the FG got N217.77 billion, States received N110.46 billion and Local Governments N85.17 billion. All the sums were exclusive of the Value Added Tax (VAT) component.

Of the VAT portion which amounted to N53.91 billion, the FG got N7.76 billion, State governments received N25.87 billion and N18.11 billion went to the LGs.

$1 billion from the Excess Crude Account was shared. N27 billion from exchange rate differentials was also shared and N35.5 billion from SURE-P or subsidy savings was earmarked for distribution.

“The gross revenue of N825.395 billion received for the month was higher than the N763.563 billion received in the previous month by N61.843 billion. This was due to the increased quantity of crude oil exported in the month,” the committee said. The meeting was attended by the Commissioners of Finance and their Accountant Generals from the 36 states including the FCT.