By Abdullahi Mohammed
The Federation Account Allocation Committee (FAAC),on Friday distributed the sum of N518.542b among the three tiers of government as allocation for the month of June
The total allocation distributed for current month are as follow, Federal Government received 273.167bn represent 52.68%, State Government received 138.55sbn represent 26.72%, Local Government received 106.819bn representing 20.60% while derivative is 67.410bn representing 13% of mineral revenue-oil and gas.
Permanent secretary federal ministry of finance, Anastasia Nwabiala gave the figure while addressing journalists at the end of the FAAC meeting on in Abuja.
Nwabiala said the sum of N 6.330b was refunded to FG by NNPC and balance in Excess Crude Account (ECA) as at July, 2015 is $2.207b while there is exchange rate gain ofN6.465b.
The allocations accrued are N449.685 billion , statutory and N64.992 billion as value added tax.
