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Wale Edun, the Minister of Finance and Co-ordinating Minister of the Economy, has revealed that the Federation Account Allocation Committee shared N1.152 trillion to the three tiers of government for February 2024 from a gross total of N2,326.14trn.
In a statement signed by its Director, Press and Public Relations, Mohammed Manga, said that the February 2024 meeting was chaired by Edun.
It is worthy to note that FAAC is responsible for reviewing and adopting the allocation of funds to states and the Federal Government. Every month, the committee distributes revenue to all 36 states and 774 local governments in Nigeria to foster development.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax Electronic Money Transfer Levy and Exchange Difference, the Federal Government received N352.40bn, the states received N366.95bn, the local government areas got N267.15bn, while the oil-producing states received N166.24bn as derivation, (13 per cent of mineral revenue).
The statement added that N66.45bn was given for the cost of collection, N856.93bn was allocated for transfer intervention and refunds, and N250bn was saved.
