FAAC disburses N1.2trn to FG, States, LGs
TThe Federal Government, States, and Local Government Councils have received a total of N 1.152 trillion from the Federation Account Allocation Committee (FAAC).
In February, the money was derived from various sources, value-added tax profits, and accruals into the Federation Account.
According to a statement released on Thursday night by Mr. Mohammed Manga, Director of Press and Public Relations at the Federal Ministry of Finance, the funds were distributed during the FAAC meeting in Abuja in March 2024.
In his words, the FAAC's communiqué following the meeting stated that the N1.152 trillion total distributable revenue was made up of N101.349 billion in distributable statutory revenue, N428.806 billion in distributable Value Added Tax (VAT) revenue, N15.157 billion in distributable Electronic Money Transfer Levy (EMTL) revenue, and N607.444 billion in exchange difference revenue.
In February 2024, a total revenue of N2.326 trillion was available.
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