FG, States, LGs Share N679.699 billion
The Federal Government, states and local government councils shared the sum of N679.699 billion made available by the Federation Account Allocation Committee (FAAC).
The figure which was shared during a joint meeting in Kano Thursday was for the month of May.
In a communiqué by FAAC, the sum of N106.826 billion was from Value Added Tax (VAT) while the sum of N1.142 billion was described as from Exchange Gain.
Out of the total amount shared, the federal government received the sum of N284.163 billion, while the states received N187.605 billion
On the other hand, the local government councils received the sum of N140.997 billion while oil producing states got N40.436 billion as 13 per cent derivation fund.
The communiqué showed that the cost of collecting the revenue by various agencies was N26.498 billion.
The report also said that the Excess Crude Account (ECA) stood at a balance of $63.005 million as at June 27.
The local government councils got N140.997 billion, representing 20.60 per cent, while the oil producing states received N40.436 billion as 13 per cent derivation revenue.
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