Abuja, Aug. 17, 2024 – The Federation Account Allocation Committee has shared N1.358 trillion among the federal government, states local governments as monthly allocations.
Mohammed Manga, the Director of Information and Public Relations in the Ministry of Finance, disclosed this in a statement on Friday.
The federal government received N431.079 billion, states got N473.477 billion, local government councils got N343.703 billion, while the oil-producing states received N109.816 billion as 13 percent derivation.
The allocations were improvements over the N1.354 trillion distributed in June.
The allocations were from the total gross federal revenue of N2.613 trillion revenue generated in July 2024.
The distributable allocations were from Statutory Revenue of N161.593 billion, Value Added Tax revenue of N528.307 billion, N18.818 billion from Electronic Money Transfer Levy (EMTL), N581.710 billion from Exchange Difference and N13.647 billion.
The sum of N99.756 billion was given for the cost of collection by the government’s revenue-generating agencies, while N109.816 billion was allocated for transfer intervention and refunds. (GBN)
