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Govts share N365bn at FAAC

The Federal, State and Local governments shared N365 billion in July, showing an increase of about N39 billion compared to N326 billion shared in June.

The amount includes N27.268 billion proposed for distribution from the excess crude proceeds and N33.929 billion being exchange gain for the month.

Two billion dollars was distributed from the excess crude to the three tiers of government.

The Federal Government got about 766 million dollars, States 875 million dollars and Local governments 358 dollars.

This was contained in a communique issued in Abuja on Friday after the monthly Federal Account Allocation committee (FACC) meeting.

Signed by the Accountant-General of the Federation (AGF), Mr Ibrahim Dankwambo, the communique said the distributable statutory revenue for the month was N259.267.

This represents an increase of N0.127 billion compared to that of the month of June.

“The communique attributed the increase to the significant rise in Petroleum Profit Tax collection due to the payment of arrears by Chevron, payment of modified carry arrangement and profit sharing contract by NNPC in the month under review.

“Companies Income Tax(CIT) collection equally increased due to payment of Gas income for 2008 year of assessment and payment received from banking and other sectors of the economy,” it added.


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