FAAC Disburses ₦1.15 Trillion to Fed Govt, States, LGs

The Federation Account Allocation Committee (FAAC) has allocated N1.15 trillion to the three tiers of government for last month.

Last month’s revenue into the federation account totaled N2.33 trillion, with deductions and savings of N1.17 trillion, including the cost of collection, transfers, interventions, refunds, and savings of N250 billion.

Notable highlights from the distributable revenue of N1.15 trillion include gross statutory revenue of N1.19 trillion, surpassing January’s figure by N40.62 billion, and Value Added Tax (VAT) at N460.49 billion, exceeding January’s amount by N39.76 billion.

Additionally, oil-producing states received N166.24 billion as derivation revenue.

The Federal Government received N352.41 billion out of the N1.15 trillion; states got N366.95 billion, while local governments received N267.15 billion.

From the N101.349 billion distributable statutory revenue, the Federal Government got N7.351 billion, states N3.729 billion, and local governments N2.875 billion.

The sum of N87.394 billion (13 percent of mineral revenue) was shared with the benefiting states as derivation revenue.

From the N428.806 billion distributable VAT revenue, the Federal Government received N64.321 billion, states N214.403 billion, and the local governments N150.082 billion.

About N15.157 billion from the Electronic Money Transfer Levy (EMTL) was shared as follows: Federal Government N2.274 billion, states N7.578 billion, and local governments N5.305 billion.