FAAC Distributes N574.7bn To Three Tiers Of Nigerian Government

The Federation Accounts Allocation Committee (FAAC) has disbursed the sum of N574.7 billion to the three tiers of government.

The funds are meant to cover various financial needs, including payment of salaries of workers for the month of February.

According to FACC the N574.7 billion is the revenue generated in February 2022 which comprises distributable statutory revenue of N291.400 billion, distributable Value Added Tax (VAT) revenue of N178.066 billion, exchange gain of N5.202 billion and non-mineral revenue of N100.000 billion.

The allocation goes as follows: The federal government got N204.580 billion, the state governments received N179.251 billion and the local government councils got N131.878 billion, while the relevant states shared N58.959 billion as 13 percent derivation revenue.

From the distributable statutory revenue of N291.400 billion, the federal government was given N122.749 billion, the state governments shared N62.260 billion, the local councils got N48.000 billion, while the relevant states received N58.391 billion as 13 percent derivation revenue.

Also, from the N178.066 billion distributable Value Added Tax (VAT) revenue, FAAC shared N26.710 billion to the federal government, N89.033 billion to the state governments, and N62.323 billion to the local government areas.

The total VAT revenue for the month was actually N191.222 billion, but after the sum of N5.507 billion was allocated to NEDC and N7.649 billion removed as cost of the collection, the distributable balance stood at N178.066 billion.

From the total exchange gain revenue of N5.202 billion, the federal government received N2.441 billion, the state governments received N1.238 billion, the local councils got N0.955 billion, while the relevant states received N0.568 billion as 13 percent derivation revenue.