The Federation Account Allocation Committee (FAAC) has allocated N2.550 trillion in June revenue. This sum was distributed among the federal government, states, and local governments during a July meeting. The allocated revenue comprises N1.809 trillion from statutory sources and N740.724 billion from VAT.
The Federal Government received N923.438 billion, states garnered N838.208 billion, and local councils secured N591.390 billion. An additional N197.610 billion was provided to states as derivation revenue. Various tax revenues saw increases, while some petroleum-related revenues experienced decreases.
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