FG, State, LGAS shared N2TR as an income allocation for July

Three levels of government on Friday share N2 trillion as an income allocation for July.

The Director of Information and Public Relations at the Ministry of Finance, Muhamed Manga, revealed this in a statement issued at the end of the Federation Account Allocation Committee (FAAC) this month led by the Minister of Finance and the Coordinating Minister for Economic, Wale Edun.

He said the total gross income for the month was N3.83 trillion, with N2 trillion divided between three levels of government.

These funds include legal income, added tax (VAT), electronic money transfer levies (EMT), and exchange differences.

Read: FG, Country, LGAs Distribute N1.82TR as an income allocation for June

The statement reads: “The federal government received the N735.08 billion, the state received the N660.34 billion, and the local government received N485.03 billion.

“Oil-producing countries receive N120.35 billion as derivation (13 percent of mineral income).

Manga revealed that the gross income available from VAT for July was the N687.94 billion, compared to the N678.16 billion in June, representing an increase of N9.77 billion.

“Of that amount, the number of N27.51 billion is allocated for the cost of collection, and the number of N19.81 billion is given for transfer, intervention, and refund.

“The remaining amount of N640.61 billion is distributed to three levels of the government, where the Federal Government gets N96.09 billion, the state received N320,305 billion, and the Regional Government Council received N224.21 billion,” the statement added.