The Federal Account Allocation Committee (FAAC) shared N641.1billion between the Federal, States and Local governments for the month of February 2014.
The allocations for the New Year seem to be increasing monthly, as there is an increase of over N11billion from the figure distributed in the previous month.
The overall sum of N641.1billion, includes statutory revenue of N531.33billion, Value Added Tax (VAT) of N66.801billion, N35.55billion under the SURE-P programme and a refund of N7.617billion from NNPC.
The Federal Government received N247.533billion, (52.68%), the states received N125.552 billion, (26.72%), while local governments received N96.795 billion (20.60%). The sum of N56.384 billion, representing 13 per cent derivation revenue was shared among the oil producing states of Abia,Akwa Ibom, Bayelsa, Delta, Edo, Imo, Ondo and Rivers.
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Willie +2347088095401...