Federation Account Allocation Committee (FAAC) has shared N1.678 trillion among the Federal, state and the local governments for the month of February. The FAAC disclosed this in a  communiqué after its meeting. According to the communiqué, the total revenue of N1.678 trillion comprised statutory revenue of N827.633 billion and Value Added Tax (VAT) revenue of N 609.430 billion, Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion and Augmentation of N178 billion. According to FAAC,  total gross revenue of N2.344 trillion was available in the month of February, and total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds and savings was N577.097 billion.

FAAC further stated that gross statutory revenue of N1.653 trillion was received for the month, which was lower than the sum of N1.848 trillion received in January by N194.664 billion. It also revealed that gross revenue of N654.456 billion was available from VAT in February, lower than the N771.886 billion available in January by N117.430 billion.

The FAAC communiqué also had it that from the total distributable revenue of N1.678 trillion, the Federal Government received the sum of N569.656 billion and the state governments received N562.195 billion, the LGCs received N410.559 billion, and N136.042 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

From the N827.633 billion statutory revenue, the Federal Government received N366.262 billion, while the states received N185.773 billion, and the LGCs received N143.223 billion. The sum of N132.374 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

From the N609.430 billion VAT revenue, the Federal Government received N91.415 billion, the states received N304.715 billion and the LGCs received N213.301 billion.

The sum of N5.276 billion was received by the Federal Government from the N35.171 billion EMTL. The state governments received N17.585 billion and the LGCs received N12.310 billion. And from the N28.218 billion solid minerals revenue, the Federal Government received N12.933 billion and the state governments received N6.560 billion. The LGCs received N5.057 billion and the sum of N3.668 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.