FAAC: FG, States, LGAS Shared N1.15trn in February up by N10bn

The federation account allocation committee (FAAC) says the three tiers of government shared N1.15 trillion in February 2024.

FAAC disclosed this in a communique issued at its March meeting chaired by Wale Edun, minister of finance and coordinating minister of the economy.

The figure signifies an increase of N10 billion compared to the N1.14 trillion shared in January 2024.

According to the communiqué, the N1.15 trillion total distributable revenue comprised distributable statutory revenue of N101.34 billion, distributable value-added tax (VAT) revenue of N428.80 billion, electronic money transfer levy (EMTL) revenue of N15.15 billion and exchange difference revenue of N607.44 billion.

“Total revenue of N2,326.149 billion was available in the month of February 2024. Total deduction for cost of collection was N66.456 billion; total transfers, interventions and refunds was N856.937 billion and savings was N250.000 billion,” FAAC said.

“Gross statutory revenue of N1,192.428 billion was received for the month of February 2024. This was higher than the sum of N1,151.808 billion received in the month of January 2024 by N40.620 billion.

“The gross revenue available from the Value Added Tax (VAT) in February 2024 was N460.487 billion. This was higher than the N420.733 billion available in the month of January 2024 by N39.755 billion.”

According to FAAC, out of the N1.15 trillion total distributable revenue, the federal government was given N352.40 billion, the state governments received N366.95 billion and the local governments got N267.15 billion.

Also, the committee said a total sum of N166.24 billion was distributed to relevant states as 13 percent derivation revenue


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