FAAC reveals dwindling allocation as Federal, states and Local Governments share N715 billion
Written by Joey Shekwonuzhibo on April 20, 2023
The Federation Account Allocation Committee, FAAC, is saying that it shared N714.63bn among the three tiers of government in March 2023.
The figure represents a decrease of N8.05bn compared to the N722.68bn shared in February 2023.
FAAC disclosed this in a communiqué issued at the end of its latest meeting in Abuja.
The total amount includes gross statutory revenue, Value Added Tax, and electronic money transfer levies.
The Federal Government received N276.14bn, the states received N232.13bn, and the local government councils got N171.26 billion, while the oil-producing states received N35.1bn as derivation revenue.