By Emmanuel Elebeke

The Technical sub-Committee of Federation Accounts Allocation Committee (FAAC) yesterday shared a total of N429.127 billion for the three tiers of government.

Finance Minister, Mrs Kemi ADEOSUN

In a communiqué issued at the end of its monthly meeting held in Abuja, FAAC indicated that the gross statutory revenue received for the month is N290.163 billion, which   is lower   than   the N324.990 billion   received last month.

The Minister of Finance, Mrs. Kemi Adeosun, who read the Communique said the shared amount comprised the Month’s Statutory distributable revenue of N258.692 billion, Value Added Tax of N69.207 billion, Excess PPT Account of N60.899 billion and Exchange gain of N40.329 billion.

She said there also a refund of   N6.330 billion to the Federal Government by Nigerian National Petroleum Corporation.

A breakdown of the shared amount, showed that Federal Government received   N117.581 billion representing (52.68%); States received N59.639 billion (26.72%); Local Government Councils received N45.979 billion representing (20.60%); while the Oil Producing States received N23.191   billion as 13 per cent derivation revenue.