FAAC shares N387.7b among federal, states, local govts

The three tiers of government yesterday shared N387.7 billion for the month of December last year at the end the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja.

The amount shared represents an increase of N17.88 billion more than the N369.8 billion shared for the month of November.

Addressing reporters at the end of the meeting, Permanent Secretary, Federal Ministry of Finance, Alhaji Mahmoud Isa-Dutse said the money was distributed from statutory allocation-N315.01 billion; Value Added Tax- N62.07 billion; exchange gain-N4.35 billion; and refund made by the Nigeria National Petroleum Corporation (NNPC) for debt owed the Federation Account-N6.33 billion.

From the statutory allocation, the Federal Government pocketed N147.56 billion after deducting the cost of collection, states received N74.84 billion and local governments went away with N57.7 billion.

From VAT, the Federal Government got N8.93 billion representing 15 per cent of the total, states N29.79 billion or 50 per cent and local governments-N20.85 billion representing 35 per cent.