FAAC shares N907bn to federal, state, local governments

The Federation Account Allocation Committee, FAAC, has shared N907.054 billion as June revenue to federal, state and local government councils.

The amount represented an increment from N714.629 billion shared in May.

Director of the Press Office of the Accountant General of the Federation, Bawa Mokwa, disclosed this on Thursday after FAAC’s meeting chaired by the Accountant General of the Federation, Oluwatoyin Madein.

According to him, the outstanding balance of the Excess Crude Account as of June stood at $473,754.57.

Mokwa explained that the amount comprised statutory revenue of N301.501 billion, Value Added Tax revenue of N273.225 billion, Electric Money Transfer Levy of N11.436 billion and Exchange Difference revenue of N320.892 billion, respectively.

He added that the Federal Government received N345.564 billion, State Governments received N295.948 billion, and Local Government Councils received N218 billion.

“Gross statutory revenue of N1,152.921 billion was received for June 2023. It was higher than N701.787 billion received in the previous month by N451.134 billion,” he said.

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