FG, States And LGs Share N723bn

FAAC Disburses ₦780.92 billion

According to the Federation Account Allocation Committee (FAAC) the three levels of government shared N722.677 billion in February 2023.

Comparing the result to the N750.17 billion shared in January, a further decline of N27.493 billion can be seen. This was disclosed by FAAC in a statement following its most recent meeting, which ended on Wednesday in Abuja.

Gross statutory revenue, VAT, fees for electronic money transfers, and additions from the FX equalization account are all included in the total amount.

The communique explained that the Federal Government received N269.063bn, states received N236.464bn, the LGs got N173.936bn, while the oil-producing states received N43.214bn as Derivation, (13 per cent of Mineral Revenue).

It was also noted that the gross revenue available from the Value Added Tax for February 2023, was N240.799bn, as against N250.51bn distributed in the preceding month, which represents a decrease of N9.72bn.

Leave a Reply