The Federation Account Allocation Committee has announced the distribution of N966.11 billion among the three tiers of government for July 2023.
This figure indicates a slight rise of N59.06 billion compared to the N907.05 billion shared in June 2023, marking the highest distribution this year. The disclosure was made in a statement released after the committee’s recent meeting in Abuja.
Chaired by Wale Edun, the new Minister of Finance and Coordinating Minister of the Economy, the meeting discussed various revenue sources including gross statutory revenue, Value Added Tax (VAT), electronic money transfer levies, and exchange rate difference revenue.
The detailed breakdown shows that the Federal Government received N374.49 billion, state governments received N310.67 billion, and Local Government Councils received N229.41 billion. Additionally, N51.55 billion was allotted to relevant states as 13% derivation revenue.
The communique also highlighted fluctuations in revenue sources, such as VAT, Electronic Money Transfer Levy, and Exchange Difference revenue, while noting the importance of disciplined money supply to control inflation and fulfill governmental mandates.