The three tiers of government comprising federal, states and local government councils shared the sum of N676.407 billion in the month of July.
The amount was revenue that accrued into the federation purse in July 2020.
The figure was confirmed at the end of the monthly Federation Account Allocation Committee (FAAC) meeting for August 2020 held through virtual conferencing and chaired by Dr Mahmud Isa-Dutse, Permanent Secretary, Federal Ministry of Finance.
According to a statement issued by Henshaw Ogubike, Director (Information, Press and Public Relations) in the office of Accountant General of the Federation, N543.788 billion was received as gross statutory for the month of July 2020.
This was higher than the N524.526 billion received in the previous month by N19.262 billion.
The gross revenue available from the Value Added Tax (VAT) was N132.619 billion as against N128.826 billion available in the preceding month, resulting in an increase of N3.793 billion.
Of the N676.407 billion shared, the Federal Government received N273.189 billion, state governments received N190.849 billion and the local government councils received N142.761 billion.
Oil producing states received N42.851 billion as 13 per cent derivation, while two sub-heads, cost of collection and transfers to relevant agencies collectively had allocation of N26.757 billion.
The Federal Government received N254.688 billion from the gross statutory revenue of N543.788 billion; state governments received N129.181 billion and local government councils received N99.593 billion.
The sum of N42.851 billion was given to the relevant states as 13 per cent derivation revenue and N17.474 billion was the collective total for cost of revenue collection by revenue agencies.
The Federal Government received N18.500 billion from the Value Added Tax (VAT) revenue of N132.619 billion. State governments received N61.668 billion, local government councils received N43.168 billion, while cost of revenue collection and transfers collectively had a revenue allocation of N9.283 billion.
The balance in the Excess Crude Account (ECA) as at August 19, 2020 was $72.408 million.
