FAAC: FG, States, LGs Share N467.8bn For July

The three tiers of government, comprising the Federal Government, 36 states, including the Federal Capital Territory (FCT), and the 774 local government councils have shared the sum of N467.852 billion for the month of July.

This amount is N184.377 billion less from the N652.229 billion shared by the Federation Account Allocation Committee (FAAC) to the three tiers in June 2017.

Addressing newsmen after the FAAC meeting in Abuja, Permanent Secretary, Federal Ministry of Finance, Dr. Mahmoud Isa-Dutse, said the drop in the shared revenue was due to collection shortfall recorded by the Federal Inland Revenue Service (FIRS).

According to him, while the FIRS collected a total sum of N284.8 billion in June, only a paltry N90.329 billion was raked in for the month of July.

Giving a breakdown of the N467.852 billion distributed for July, the Permanent Secretary said, the Federal Government got N181.451 billion, while the states received N92.035 billion with local governments going home with N70.955 billion.

The sum of N31.591 billion went to oil-producing states under the derivation principle.