The sum of N 762.59 bn has been distributed to the three tiers of government by the Federal Account Allocation Committee.
The amount which was distributed from the gross revenue generated for the month of June represents an increase of N 82. 99 bn over the N 679. 6 bn shared in the previous month.
A commuque issued at the end of the FAAC meeting which was held at the headquarters of the ministry of finance showed that out of the N 762. 59 bn , the sum of N 652 . 94 bn was shared as statutory allocation while the balance of N 108 . 63 bn came from Value Added Tax.
From the N 652 .94 bn , the Federal Government received N 293 . 3 bn , States N 148. 76 bn , Local Government Councils N 114 . 69bn , while the oil- producing States got N 38 . 61 bn as 13 per cent derivation revenue .
In addition , the revenue collecting agencies received N 57 . 57 bn as cost of collection .
From VAT distribution of N 108 . 63bn , the Federal Government received N 15 . 64 bn , States N 52 . 14 bn , Local Government Councils N 36 . 5 bn while revenue -generating agencies got N 4 . 34 bn as cost of collection.
The communique which was read by the Accountant-General of the Federation, Ahmed Idris put the gross statutory revenue at N 652 .94 bn .
This , it stated , was higher than the N 571. 73 bn received in the previous month by N 81 . 21 bn .
It put the balance in the Excess Crude Account as of July 24 at $ 111 .2 m .