The Federation Account Allocation Committee (FAAC) on Thursday, shared a total sum of N1,152.756 trillion to the three tiers of government as Federation Allocation for February 2024 from a gross total of N2,326.148 trillion. The disbursed amount and gross revenue were higher than the N1.149 trillion and N2. 068 trillion respectively posted in the preceding month of January. The total distributable revenue of N1,152.756 trillion was drawn from Statutory Revenue of N101.349 billion, Value Added Tax (VAT) of N428.806 billion, N15.157 billion from Electronic Money Transfer Levy (EMTL), and N607.444 billion from Exchange Difference.
From the N1,152.756 trillion shared for February inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED), the Federal Government received N352.409 billion, the states received N366.950 Billion, local governments got N267.153 Billion, while the oil producing states received N166.244 billion as 13 percent Derivation (Mineral Revenue). The sum of N66.456 billion was given for the cost of collection, N856.937 Billion was allocated for transfer intervention and Refunds, while the sum of N250.000 Million was saved The Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun, presided over the FAAC meeting which held at his ministry’s headquarters in Abuja, and attended by the 36 state finance commissioners, among others.
