The Federation Account Allocation Committee (FAAC),on Wednesday distributed the sum of N511.799billion among the three tiers of government as allocation for the month of July.


The Permanent Secretary Federal Ministry Of Finance, Anastasia Nwabiala gave the figure while addressing journalists at the end of the FAAC meeting last night in Abuja.


T‎he allocation accrues to 433.584billion naira as statutory Revenue,74.945 billion naira as value added tax.


The total allocation distributed for current month are as follow, Federal Government received 202.11bn represent 52.68%, State Government received 102.513billion represent 26.72%, Local Government received 79.033billion represent 20.60% while derivative is 28.209billion represent 13% of mineral revenue-oil and gas.‎‎


Nwabiala further‎ explained that sum of N6.330billion was refunded to FG by NNPC, meanwhile there was revenue loss of $22.53million as a result of drop in average price of crude oil from 65.7 dollars per barrel to 61.2 dollars in June 2015 while there is exchange rate gain of N6.409billion, adding that the balance in Excess Crude Account  (ECA‎) is $2.2576billion.