The Federal Government, State governments and Local government Councils have shared a total of N511.799bn as Federal allocation for the month of July, 2015.
The communique on the details of the allocation released by the Federation Accounts Allocation Committee (FAAC) indicated that the shared amount comprised the Month’s Net Statutory revenue of N411.866 billion, Value Added Tax of N71. 947 billion and an Exchange gain of N6.409 billion. .
Consequently, from Net statutory revenue allocation distributed for the month of July which is N411.866 billion , Federal Government received N202. 111.billion (52.68%); State governments received N102. 513billion (26.72%); Local Government Councils received N79.033 billion (20.60%); while the Oil Producing States received N28.209 billion as 13% derivation revenue. The amount also includes N6.330 billion refund to the Federation Account by the NNPC.
Furthermore, from the Net Revenue from the Value Added Tax (VAT) of N71.947 billion was distributed as follows: the Federal Government received N10.792 billion (15%); States received N35.974 billion (50%) while the Local government Councils received N25.181 billion (35%). From the fore going,the grand total revenue distributable for the current month including VAT is N511,799 billion.
K.N OFFIE Mrs
FOR: DD PRESS, OAGF
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Report By: PRNigeria.com