Three tiers of Government share N510bn revenue for August

New executive order will boost revenue generation – Presidency

The three tiers of government, Federal, States and Local Governments have shared revenue totaling N510.2 Billion from the Federation Account for the month of August.

The revenue is higher than N493.8 billion shared for the month of July.

Finance Minister, Kemi Adeosun, addressing newsmen after the monthly meeting of the Federation Account Allocation Committee (FAAC) in Abuja, said the gross statutory revenue for the month was N315 billion, higher than N287.8 billion for the month of July.

Federal Government received N149.3 billion, 36 State Governments (N75.7 billion), 774 Local Governments (N58.3 billion), while oil producing states collected N20.2 billion as 13 per cent derivation.

Federal Revenue Generating Agencies also received their share of the revenue, including the Nigeria Customs Service (N4.03 billion), Federal Inland Revenue Service (N4.6 billion), and Department of Petroleum Resources (N2.6 billion).

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