The Federal, 36 states and 774 local governments have shared revenue totalling N467.85 billion as their allocation from the federation account for the month of July.
The revenue is far below N652.2 billion shared by the three tiers of governments in June.
Finance Ministry’s Permanent Secretary, Dr Mahmoud Dutse, who addressed newsmen after the monthly meeting of the Federation Account Allocation Committee (FAAC) in Abuja, blamed the low revenue on the sharp drop in revenue from the company income tax.
According to the breakdown of the shared revenue, federal government got N193.4 billion, state governments (N130.6 billion), local governments (N98.01 billion), while N31.59 billion is given as 13 per cent derivation to the oil producing states.
The Excess Crude Account still stands at $2.3 billion.