The Federal Government, States, and Local Councils have each received a portion of the N966.110 billion July Federation Account Revenue from the Federation Account Allocation Committee, FAAC.
This information was provided in a communiqué that was released following the Federation Account Allocation Committee (FAAC) meeting in Abuja on Tuesday, which was presided over by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
Total distributable revenue of N966.110 billion was made up of statutory revenue of N397.419 billion, VAT revenue of N271.947 billion, EMTL revenue of N12.840 billion, and exchange difference income of N283.904 billion.
As a result, the State Governments received N310.670 billion, the Local Government Councils received N229.409 billion, and the Federal Government received N374.485 billion.
In the meantime, 13% of the derivation money was distributed to the oil-producing States, totaling N51.545 billion.
The Excess Crude Account (ECA) balance, it continued, was $473,754.57.