The Federal Government, 36 states and 774 local government councils have shared N3.007 trillion as revenue for July.
The allocation was approved at the monthly meeting of the Federation Account Allocation Committee (FAAC) held in Owerri, Imo State.
The meeting was held on the sidelines of the National Council of Federation and Economic Development (NACOFED).
According to the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, the July distribution followed a significant increase in gross statutory revenue.
Mokwa said gross statutory revenue rose to N4.359 trillion naira in July, representing an increase of N658.087 billion, or 17.8 per cent, from the N3.700 trillion naira recorded in June.
He attributed the improvement to stronger receipts from Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duty Tax, petroleum royalties, mineral royalties, excise duty and gas-flaring penalties.
However, gross Value Added Tax revenue declined slightly to N793.968 billion naira in July, compared with N799.746 billion naira in June.
The figure represents a decrease of N5.778 billion, or 0.7 per cent.
FAAC said the increase in statutory revenue was partly offset by declines in VAT, import duty, Common External Tariff levies, gas-flaring fees and miscellaneous oil revenue.