FAAC allocation increased by N169.9 billion in August

The Federation Account Allocation Committee FAAC, on Thursday shared the sum of N637.7 billion among the three tiers of government.

The amount, which is for statutory allocation for the month of August, represents an increase of N169.9 billion over the N467.8 billion, which the committee allocated in the month of July.

Addressing journalists shortly after the meeting, which was held at the headquarters of the Ministry of Finance in Abuja, the Accountant-General of the Federation, Ahmed Idris, said there was a significant increase in revenue for August.

He put the gross statutory revenue received for the month at N550.9 billion, adding that it was higher than the N387.31 billion received in the previous month by N163.67 billion. He said the amount shared was distributed under two main revenue subheads.

Photo Caption: Accountant-General of the Federation, Ahmed Idris,