The three tiers of government in the country [Federal, State, and Local Councils] enjoyed an expanded take-home income from the Federal Account Allocation Committee [FAAC] in the New Year for the month of January compared to December. The FAAC shared N629.12bn between the Federal, States and Local governments.
The amount for January is more than the previous month of December, which was N581.498 billion, this depicts an increase of N47.63billion.
The amount N629.12billion includes the statutory allocation of N503.68billion, Value Added Tax of N82.27billion, N35.54billion under the SURE-P programme and a refund of N7.617billion from NNPC.
A breakdown of the distribution indicated that the Federal government received N235.02billion (52.68%), State Government N119.20billion (26.72%) and the Local government received N91.9billion (20.6%). Furthermore, a total of N52.30 billion representing 13% derivation revenue was shared among the oil producing states.