The Federation Account Allocation Committee (FAAC) has disbursed N1.358 trillion to the federal, state, and local governments in Nigeria as the July allocation.
Gatekeepers News reports that this was announced in a statement by Mohammed Manga, Director of Information and Public Relations, Ministry of Finance, on Friday.
The disbursed amount is part of the total gross revenue of N2.613 trillion generated in July 2024. The allocation comes from various sources, including statutory revenue, value-added tax, electronic money transfer levy, exchange difference, and mineral revenue.
The federal government received N431.079 billion, while the states and local government councils received N473.477 billion and N343.703 billion, respectively. The oil-producing states received N109.816 billion as 13% derivation revenue.
This allocation marks a slight increase from the June figure of N1.354 trillion. Additionally, N99.756 billion was allocated for the cost of collection, while N109.816 billion was allocated for transfer intervention and refunds.
