The Federation Accounts Allocation Committee (FAAC) on Wednesday shared N610.368 billion to the three tiers of government partly from the revenue accruals to the Federation Account in January.
The Accountant-General of the Federation (AGF), Ahmed Idris, who made this disclosure at the end of the Federation Account Allocation Committee (FAAC) meeting in Abuja, disclosed that the total revenue generated during the month stood at N505.246 billion, representing a shortfall of N42.216 billion from the N547.462 billion raked in December 2018.
He hinted also that approval was being awaited from the Minister of Finance to distribute N50 billion from the Foreign Exchange Equalisation Account to the tiers of government while also confirming that the balance in the Excess Crude Account (ECA) currently stands at $249 million.
According to the communique issued by the FAAC at the end of the meeting from the N610.368 billion shared to the tiers of government, the Federal Government received N252.412 billion, states got N170.541, while the 774 local governments received N127.923 billion.
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Also, the oil producing states received N41.992 billion as 13 percent Derivation Revenue just as the revenue generating agencies got N17.500 billion as cost of revenue collection.
Similarly, the distributed Value Added Tax (VAT) was N104.468 billion as against N100.760 billion distributed in the previous month, resulting in an increase of N3.708 billion.
From the VAT, the Federal Government received N15.044 billion, the states got N50.145 billion, and local governments got N35.102 billion. while the Revenue Generating Agencies received N1.178 billion.
