FG, States, LGCs Share N762.6bn in June
The federal government, states and local government councils have shared the sum of N762.6 billion statutory allocation in the month of June.
This was disclosed in a communiqué released by the Federation Accounts Allocation Committee (FAAC) after a meeting in Abuja.
The Technical Sub-Committee of FAAC said the gross statutory revenue for the month was N652.9 bn which is higher than N571.7 billion for the previous month by N81.2 bn.
The Communique showed that the federal government received about N309.4 bn from the statutory revenue, showing 52.7 per cent, states received N201.2 billion (about 26.72 per cent) while local government councils received N151.4 bn showing about 20.6 per cent.
The oil producing states got N38.7 billion as 13 per cent derivation revenue.
According to the communiqué, revenue from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) went up significantly during the month.
Revenue from Value Added Tax (VAT) of N108.6 bn also increased by about N1.8 billion, against N106.8 bn for month
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