The Federation Accounts Allocation Committee (FAAC) has shared N574.668 billion to the Federal Government, States and Local Government Councils for January.
This was contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for February 2022.
The N574.668 billion total 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.
In January 2022, the total deductions for cost of collection 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 distributable statutory revenue of N291.400 billion was available for the month. From this, the Federal Government received N122.749 billion, the State Governments received N62.260 billion and the Local Government Councils received N48.000 billion. The sum of N58.391billion was shared to the relevant States as 13% derivation revenue.
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