FAAC shares N647 billion to Federal, State, Local governments for February

After the Federation Accounts Allocation Committee (FAAC) meeting held on Tuesday ended in a deadlock due to the alleged non-remittance of more than N37billion into the Federation Account, the committee reconvened on Wednesday to allocate the sum of N647billion to the Federal, state and local governments for the month of February.

Out of N647 billion shared, the Federal Government got N270.8bn, states received N173.75bn and the 774 local government councils were allocated a total of N130.9bn.

FAAC also allocated the sum of N57.35bn to the oil producing states based on the 13 per cent derivation principle while N14.55bn was returned to the revenue generating agencies as the cost of revenue collection.

The Minister of Finance, Mrs Kemi Adeosun, disclosed that the amount distributed represents an N11billion increase compared to what was distributed in January.

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