Federation Allocation: FG, other tiers share N511.799 billion in July.

ABUJA (Office of the Accountant – General Report) –

A total of N511.799bn has been shared among the Federal, State and Local Government Councils as Federal allocation for the month of July, 2015.

The communiqué 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 exchange gain of N6.409 billion.

It further noted that from the net statutory revenue allocation distributed for the month of July which is N411.866 billion, the Federal Government received N202. 111.billion (52.68%); State Governments received N102. 513billion (26.72%); Local Government Councils received N79.033 billion (20.60%); whilst 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," it added.

"In the distribution of the net revenue from the value – added tax of N71.947 billion, the Federal Government received N10.792 billion (15%), State Governments received N35.974 billion (50%), the Local Government Councils received N25.181 billion (35%) bringing the grand total revenue distributable for the current month including VAT to N511,799 billion
Source: http://fmi.gov.ng/latest/55103/