The Federation Accounts Allocation Committee (FAAC), has shared N1.203 trillion in revenue among the Federal Government, states and Local Government Councils (LGCs).…
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ASHENEWS reports that the Federation Account Allocation Committee (FAAC), shared a total sum of N1,354.371 trillion to the three tiers…
The Federal Account Allocation Committee (FAAC) disbursed N1.42 trillion to Nigeria’s 774 local government areas (LGAs) from the federal allocations…
Justice Agim directed that allocations from the Federation Account should be paid directly to local government councils, bypassing state government coffers. He pointed out that the governors’ retention of these funds has hindered the local government’s activities.
“Total deduction for cost of collection is N76.647 billion, while total transfers, interventions, and refunds is N1.104 trillion.
“Total deduction for cost of collection is N80.517 billion; total transfers, interventions and refunds is N903.479 billion.
FAAC in a communique at the end of the April meeting, revealed that the N1,123,391,000,000 total distributable comprised distributable statutory revenue of N311.233 billion, distributable VAT of N511. 879 billion, EMTL revenue of N14.754 billion, and exchange difference of N285.525 billion.
The total distributable revenue of N1,152.756 trillion was drawn from Statutory Revenue of N101.349 billion, Value Added Tax (VAT) of N428.806 billion, N15.157 billion from Electronic Money Transfer Levy (EMTL), and N607.444 billion from Exchange Difference.
He said a breakdown of the revenue receipts showed that the federal government received N3.99 trillion, representing 39.37 per cent of the total allocation.
The Federation Account Allocation Committee (FAAC) has shared ₦1.127 trillion revenue among the federal government, states and local government councils (LGCs) for the month of December 2023.