The Federation Account Allocation Committee (FAAC) has shared a total sum of N907.054 billion June 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils. The N907.054 billion total distributable revenue comprised distributable statutory revenue of N301.501 billion, distributable Value Added Tax (VAT) revenue of N273.225 billion, Electronic Money Transfer Levy (EMTL) revenue of N11.436 billion and Exchange Difference revenue of N320.892 billion. A total sum of N47.478 billion was shared to the relevant States as 13 percent derivation revenue. This was higher than the sum of N701.787 billion received in the previous month by N451.134 billion. From the N301.501 billion distributable statutory revenue, the Federal Government received N146.710 billion, the State Governments received N74.413 billion and the Local Government Councils received N57.370 billion.

Source: Nigerian Tribune July 21, 2023 08:13 UTC