Minister of Finance, Mrs Kemi Adeosun. PHOTO: CNBC Africa

The Federation Accounts Allocation Committee (FAAC) yesterday shared N714.8b among the three tiers of governments for the month of July.

A break down of the figures shows that the amount comprised statutory revenue of N598b; Value Added Tax (VAT) of N79.8b; foreign exchange (Forex) equalisation of N25.9b and additional withheld funds by the Nigerian National Petroleum Corporation (NNPC) of N12b.

Minister of Finance and Chairman of FAAC, Kemi Adeosun, who addressed journalists at the end of the meeting in Abuja, said the revenue was distributed among the three tiers of government as follows: Federal Government (N298.288b); states (N183.773b) and local councils (N138.964b).

Oil producing states receivedN49.7b, while revenue generating agencies and statutory transfers got N44.007b.

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