More Revenue For Developmental Projects As As FAAC Allocates N966.1bn To FG, States, LG

The Federation Account Allocation Committee (FAAC) has shared a total sum of N966.110bn July 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.

This was contained in a communiqué issued at the end of the FAAC meeting for the month of August.

The meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

The N966.110bn total distributable revenue comprised statutory revenue of N397.419bn, Value Added Tax revenue of N271.947bn, Electronic Money Transfer Levy (EMTL) revenue of N12.840bn and Exchange Difference revenue of N283.904bn.