The Federation Account Allocation Committee shared the sum of N590.546bn to the three tiers of government in February, representing an increase of N15.8bn when compared to the N574.7bn distributed in January.
The PUNCH had last month reported that FAAC allocations to the three tiers of government fell to a four-year low in January.
However, a communiqué issued at the end of a virtual meeting of FAAC for March 2022, held on Tuesday revealed that allocations to the Federal Government, states and local governments rose to N590.54bn in February.
The N590.54bn 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 balance in the Excess Crude Account was $35.371m.
The communiqué confirmed that from the total distributable revenue of N590.54bn the Federal Government received N236.1bn, the State Governments got N190bn and the Local Government Councils received N140.6bn.
A to usetal of N23.75bn was shared to the relevant States as 13 per cent derivation revenue.
The distributable statutory revenue of N337.43bn was available for the month. From this, 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 per cent.
Source Punch
