FG, States, LGs Share N1.36tn In July As Revenue Hits N2.61tn

The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.36 trillion to the three tiers of government as federation allocation for the month of July 2024.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, chaired the FAAC meeting where the amount was shared.

According to a statement by the Finance Ministry, the Federal Government received N431.079 billion, the states received N473.477 billion, and the Local Government Councils got N343.703 billion.

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The statement also noted that the Gross Revenue available from Value Added Tax (VAT) for the month of July 2024 was N625.33 billion, an increase of N62.64 billion from the previous month.

The Minister commended the FAAC for their support, especially during the recent protest, and urged them to continue supporting the Federal Government’s efforts to transform Nigeria’s economy.