The Federation Account Allocation Committee (FAAC) shared a total sum of N691bn in the month of July representing allocation for June 2016. Of the amount N528.8bn represents Statutory allocation, N79bn represents Monetary Exchange Gain difference, N6bn for NNPC Refund to FG, N9.92bn for Solid minerals revenue and Finally N67bn shared as VAT proceeds. The Full table FAAC Figure July 2016
In a document obtained by the Economic Confidential, the economic intelligence magazine, the federal Government received N255bn as its share from the allocation while the 36 States and FCT got N153bn and 774 Local Government shared N116bn.
Other beneficiaries of the allocation include Nigeria Customs Service (NCS) N3bn, Federal Inland Revenue Service (FIRS) N14bn, Department of Petroleum Resources N1.4bn.
The sum of N 126bn was transferred to Excess Crude Account, while N20bn was for 13% Derivation Fund. The table of all the disbursement in this link: FAAC Figure July 2016
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