The three tiers of government have allocated from the Federation Account for the month of February.
The three tiers of government have shared the sum of six hundred and forty-seven point three-nine billion naira as allocation from the Federation Account for the month of February.
This was the outcome of the meeting of the Federation Accounts and Allocation Committee, which was concluded yesterday, after running into a brick wall the previous day.
The final figures were accepted by members of the committee following consultations by the Minister of Finance, the Accountant-General of the Federation and some State Governors and representatives of State Commissioners of Finance.
A communiqué issued by the Sub-Committee of Federation Accounts Allocation Committee indicates that the shared amount comprises of the statutory distributable revenue of five hundred and fifty-seven point nine billion naira and the Value Added Tax of eighty-nine point four billion naira.
A breakdown of the figure shows that the Federal Government received two hundred and fifty-seven point nine billion naira.
The thirty-six states of the federation shared one hundred and thirty-point eight billion naira, while one hundred point eight-six billion naira was split among the local government councils.
Details of the outcome of the FAAC meeting were contained in a statement released by the Head of Press and Public Relations in the Office of the Accountant General of the Federation, OISE JOHNSON.
It also revealed that the Minister of Finance, KEMI ADEOSUN has scheduled a meeting with the Group General Manager of the Nigerian National Petroleum Corporation, NNPC, to reconcile some gray areas in the Federation Account.
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