Federal, state, local governments share ??966 billion for July

State governments received #310.670 billion, the FG received #374.485 billion, and the LGCs received #229.409 billion.The Federal Government, States, and Local Government Councils (LGCs) each received #966.110 billion in revenue from the Federation Account Allocation Committee (FAAC) for July. This information can be found in a communiqué that was released at the conclusion of the FAAC meeting for August, which was presided over by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. The statement states that the #966.110 billion total distributable revenue was made up of #12.840 billion in electronic money transfer levies (EMTL), #271.947 billion in distributable value added tax (VAT), and 397.419 billion in distributable statutory revenue. #283.904 billion in exchange difference revenue was also included. "In July, the total deductions for cost of collection was ??62.419 billion, and total deductions for savings, transfers, refunds and tax credit cancellation was ??717.962 billion.