The Federation Account Allocation Committee has shared N1.678 trillion among the Federal Government, states and the local governments for the month of February.

This is according to a communiqué issued by FAAC and made available by the Director, Press and Public Relations, Office of the Accountant-General of the Federation, Bawa Mokwa, on Saturday.

According to the communiqué, the total revenue of N1.678 trillion comprised statutory revenue of N827.633 billion and Value Added Tax revenue of N609.430 billion.

It also comprised Electronic Money Transfer Levy revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion and Augmentation of N178 billion.

It said that a total gross revenue of N2.344 trillion was available in the month of February.

“Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds and savings was N577.097 billion,’” it said.

The communiqué said that gross statutory revenue of N1.653 trillion was received for February, which was lower than the sum of N1.848 trillion received in January by N194.664 billion.

It said 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 communiqué said that out of the total distributable revenue of N1.678 trillion, the Federal Government received N569.656 billion, and the state governments received N562.195 billion.



https://punchng.com/faac-fg-states-lgs-share-n1-678trn-for-february/