The Federation Account Allocation Committee (FAAC) has disbursed N1.678 trillion to the Federal Government, states and the local governments in the country.
This is contained in a Communique issued at the end of its monthly allocation meeting held in Abuja.
The communique said the N1.678 trillion disbursed to the three tiers of government was from the total gross revenue of N2.344 trillion was available in the month of February.
The N1.678 trillion distributable revenue comprised of statutory revenue of N827.633 billion and Value Added Tax revenue of N609.430 billion.
It also comprised Electronic Money Transfer Levy revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion and Augmentation of N178 billion.
“Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds and savings was N577.097 billion.
“From the distributable revenue, the Federal Government received N569.656 billion, while the state governments received N562.195 billion.
“The local governments received N410.559 billion, while N136.042 billion (13 per cent of mineral revenue) was shared to the beneficiary states as derivation revenue.
“On the N827.633 billion statutory revenue, the Federal Government received N366.262 billion while the state governments received N185.773 billion.
“The local governments received N143.223 billion, while the sum of N132.374 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” according to the communiqué. (vitalnewsngr.com)
