FAAC: FG, States, LGs share N3.007t for July
By Daily Hibiscus News
The Federation Account Allocation Committee (FAAC) has shared N3.007 trillion among the Federal Government, 36 state governments and 774 Local Government Councils (LGCs) as revenue for the month of July.
The Director, Press and Public Relations Office of the Accountant-General of the Federation (OAGF), Bawa Mokwa, said this in a statement on Tuesday in Abuja.
Mokwa said the allocation was approved by FAAC at its regular monthly meeting in Owerri, Imo.
He said the meeting was convened on the margins of the ongoing National Council of Federation and Economic Development (NACOFED).
He said the July figures indicated an improvement in statutory revenue, with gross statutory revenue rising to N4.359 trillion.
Mokwa said it represented an increase of N658.087 billion, or 17.8 per cent, compared with the N3.700 trillion recorded in June.
According to Mokwa, the gross Value Added Tax (VAT) revenue stood at N793.968 billion, a marginal decline of N5.778 billion, or 0.7 per cent, from the N799.746 billion recorded in June.
