FAAC: Federal Govt, States And LGAs Share ₦590.546bn For February (See Details)

The sum of ₦590.546bn 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 ₦15.8bn when compared to the ₦574.7bn distributed in January.

The committee disclosed that the Federal Government received ₦236.1bn, the State Governments got ₦190bn and the Local Government Councils received ₦140.6bn.

According to the FAAC, a total of ₦23.75bn was shared to the relevant States as 13 per cent derivation revenue.

The allocation committee added that the amount shared comprises statutory revenue of ₦337.43bn; Value Added Tax revenue of ₦165.63bn, excess bank charges of ₦7.47bn and non-mineral revenue of ₦80bn.

It added that the total deduction for the cost of collection to revenue-generating agencies was ₦23.98bn while the deduction for statutory transfers and refund was put at ₦80.49bn.

The FAAC said the balance in the Excess Crude Account was $35.371m, adding that the distributable statutory revenue of ₦337.43bn was available for the month.

It disclosed that the Federal Government received ₦165.2bn, the State Governments got ₦83.8bn and the Local Government Councils received ₦64.61bn.

The sum of ₦23.75bn was shared with the relevant states as 13 percent, the committee said.