The Federation Accounts Allocation Committee (FAAC), has shared N695.03 billion to the three tiers of government as revenue for February amid plans by the Nigerian National Petroleum Corporation (NNPC) limited to deduct N242.53 billion for subsidy, IgbereTV reports
The FAAC Director Information, Mr. Olajide Oshundun, disclosed this in a communique on Tuesday, after a Virtual Conference.
From the amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Non-Mineral Revenues and Excess Bank charges, the Federal Government received N236.177 billion, the states received N190.007 billion, the Local Government Councils got N140.612 billion, while the oil-producing states received N23.750 billion as derivation (13% of Mineral Revenue) and Cost of Collection received N23.989 billion and Transfer/ Refunds got N80.498 billion
