The Federation Account Allocation Committee (FAAC) on Friday disclosed that a total of ₦2.001 trillion was shared among the three tiers of government for the month of July 2025.
According to the communique issued at the end of the FAAC meeting, the total gross revenue for the month stood at ₦3.837 trillion. From this, ₦152.681 billion was deducted to cover collection costs, while ₦1.683 trillion was set aside for transfers, interventions, refunds, and savings.
The report showed that gross statutory revenue in July stood at ₦3.070 trillion, a shortfall of ₦415.108 billion compared to the ₦3.485 trillion recorded in June. However, Value Added Tax (VAT) collections rose to ₦687.940 billion, reflecting a ₦9.775 billion increase from the ₦678.165 billion generated in the previous month.
From the distributable pool, the Federal Government received ₦735.081 billion, while the 36 states got ₦660.349 billion, and local government councils were allocated ₦485.039 billion. In addition, oil-producing states shared ₦120.359 billion as 13 percent derivation revenue from CONTINUE READING..
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