FAAC: Federal Govt, States And LGAs Share N590.546bn For February (See Details)

The sum of N590.546bn was shared as allocations between the Federal, State and Local Government Areas in Nigeria in the month of February 2022.

Naija News reports that the Federation Accounts Allocation Committee (FAAC) made this known in a communiqué issued at the end of its virtual monthly meeting on Tuesday in Abuja.

According to the FAAC, the amount shared between the three tiers of government represented an increase of N15.8bn when compared to the N574.7bn distributed in January.

The committee disclosed that the Federal Government received N236.1bn, the State Governments got N190bn and the Local Government Councils received N140.6bn.

According to the FAAC, a total of N23.75bn was shared to the relevant States as 13 per cent derivation revenue.

The allocation committee added that the amount shared comprises statutory revenue of N337.43bn; Value Added Tax revenue of N165.63bn, excess bank charges of N7.47bn and non-mineral revenue of N80bn.

It added that the total deduction for the cost of collection to revenue-generating agencies was N23.98bn while the deduction for statutory transfers and refund was put at N80.49bn.

The FAAC said the balance in the Excess Crude Account was $35.371m, adding that the distributable statutory revenue of N337.43bn was available for the month.

It disclosed that the Federal Government received N165.2bn, the State Governments got N83.8bn and the Local Government Councils received N64.61bn.

The sum of N23.75bn was shared with the relevant states as 13 percent, the committee said.

This article was originally published on Nigeria News