FAAC share N676.41Billion to federal, states and local governments

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The Federal Account Allocation Committee in August shared 676 billion 410 million naira to the federal, state and local governments, being the monthly allocation from the revenue generated in July.

Details of the allocation were contained in the latest committee’s disbursement report released by the National Bureau of Statistics.

According to the report, the federal government received a total of 273 billion 190 million naira, states received a total of 190 billion 850 million naira and the local governments received 142 billion 760 million.

Further breakdown of the report shows 42 billion 850 million naira was shared among the oil-producing states as the 13 per cent derivation fund.

The amount disbursed comprised 543 billion 79 million naira from the Statutory Account and 132 billion 620 million from Valued Added Tax.

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