FAAC: FG, states, LGs share N467.8bn for July

A total of N467.852 billion has been distributed as Federal Allocation for the month of July, 2017 to the Federal Government, State Governments and Local Government Councils.

This represented a shortfall of about N185 billion compared to the N652.229 billion shared last month.

Permanent Secretary, Ministry of Finance, Alhaji Mahmoud Isa-Dutse, said the gross statutory revenue of N387.319 billion received for the month was lower than the N570.584 billion received in the previous month by N183.266 billion.

He disclosed the distributable statutory revenue for the month is N387.852 billion while VAT collected for distribution stood at N80.533 billion.

The FG got N193.0448 billion, states N130.691 billion and the LGs N98.014 billion, according to a breakdown, which also showed that oil producing states got N31.591 billion.

Isa-Dutse said the increase in the average price of crude oil from $50.27 to $51.05 per barrel and a significant price increase in spot volume by 1.2 million barrels, resulted in increased revenue from export sales for the federation by $62 million.

The Federal Inland Revenue Service, FIRS, got N14.508 billion as cost of collection, while balance in excess crude account stood at $2.3 billion.

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