FG, states, LGs share N723bn

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MONEYThe Federation Account Allocation Committee says it shared N722.677bn among the three tiers of government for February 2023.

The figure represents a further decrease of N27.493bn compared to N750.17bn shared in January.

FAAC disclosed this in a communiqué issued at the end of its latest meeting in Abuja on Wednesday.

The total amount includes gross statutory revenue, Value Added Tax, electronic money transfer levies and augmentation from forex equalisation account.

The communique explained that the Federal Government received N269.063bn, states received N236.464bn, the LGs got N173.936bn, while the oil-producing states received N43.214bn as Derivation, (13 per cent of Mineral Revenue).

It was also noted that the gross revenue available from the Value Added Tax for February 2023, was N240.799bn, as against N250.51bn distributed in the preceding month, which represents a decrease of N9.72bn.

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