A total of N429.127 billion was distributed among the three tiers of government at the end of the Federal Account Allocation Committee (FAAC) meeting held on Tuesday in Abuja. The allocations were for February this year.

The communiqué issued by the Technical sub-Committee of FAAC at the end of the meeting, said the gross statutory revenue received for the month was N290.163 billion, which was lower than the N324.990 billion received in the previous month.

The shared amount comprised the month’s statutory distributable revenue of N258.692 billion, Value Added Tax (VAT) of N69.207 billion, exchange gain of N40.329 billion and Excess PPT Account of N60.899 billion. There was also a N6.330 billion refund to the Federal Government by Nigerian National Petroleum Corporation (NNPC).

Accordingly, from the Net Statutory revenue, Federal Government received  N117.581 billion (52.68 per cent), states received N59.639 billion (26.72 per cent), Local Government Councils received N45.979 billion  (20.60 per cent), while the Oil Producing States received N23.191  billion as 13 per cent derivation revenue.

From the Revenue available from the VAT, Federal Government received N9.966 billion (15 per cent), states received N33.220 billion (50 per cent) while the Local Government Councils received N23.254 billion (35 per cent).

The Nation