The Federal Government says it has shared N651.18 billion Federation Account Revenue between itself, the states, local governments of the nation and relevant agencies for the month of June.
This was disclosed by the Federation Accounts Allocation Committee (FAAC), through its Director Information, Press and Public Relations Henshaw Ogubike in a statement on Sunday in Abuja.
According to Ogubike, the virtual meeting was chaired by the Accountant General of the Federation Ahmed Idris.
He explained that the gross statutory revenue available in June was N524.52 billion while the gross revenue from the Value Added Tax (VAT) was N128.826 billion and the revenue from the Exchange Gain was N42.832 billion.
This brought the total revenue for the month to N696.18 billion. The director said that from this total, the sum of N45 billion was saved in the excess non-oil revenue account and the balance of N651.184 billion was shared to the three tiers of government and relevant agencies.
Buhari signed the document at the Council Chamber of the Presidential Villa in Abuja on Friday, July 10, according to his special assistant on digital/new media Tolu Ogunlesi.
Also, the president disclosed that the budget had to be revised because of the effect of coronavirus on the nation’s economy, as ministries, departments and agencies (MDAs) will be given 15 per cent of their capital allocation by the end of the month.
Vice President Yemi Osinbajo (SAN), Secretary to the Government of the federation Boss Mustapha and the Chief of Staff to the President, Professor Ibrahim Gambari were present for the signing.
