The Federation Accounts Allocation Committee (FAAC) in January, shared a total of N574.668 billion to the Federal Government, state governments and local government councils.
This figure was contained in a communiqué issued at the end of a virtual meeting of FAAC for February 2022.
The distributable revenue comprised distributable statutory revenue of N291.400 billion; distributable Value Added Tax (VAT) revenue of N178.066 billion and Exchange Gain of N5.202 billion and Non-Mineral Revenue of N100 billion.
The total deductions for the cost of collection in January 2022 was N 25.421billion and the total deductions for statutory transfers, refunds and savings was N92.767 billion. The balance in the Excess Crude Account (ECA) was $35.368 million.
The communiqué confirmed that from the total distributable revenue of N574.668 billion; the Federal Government received N204.580 billion, states received N179.251 billion and the Local Government Councils received N131.878 billion.
A total of N58.959 billion was shared with the relevant States as 13% derivation revenue.
