FAAC allocates N647bn to FG, States and LGs

The Federation Accounts Allocation Committee (FAAC) has allocated the sum of N647billion to the Federal, state and local governments for the month of February.

The Minister of Finance, Mrs Kemi Adeosun, revealed this on Wednesday in Abuja after a reconvened meeting of the FAAC.

An earlier meeting of the committee had ended in a deadlock on Tuesday triggered by the alleged non-remittance of more than N37billion into the Federation Account.

Mrs, Adeosun, however, promised to address the concerns raised by members of the committee.

She explained further that while noting that the amount distributed represents an N11billion increase compared to what was distributed in January.

Out of the amount, 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.


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