FAAC allocation to FG, States, LGs drop to N2.1trn, as gross revenues dip by 16%

From the stated amount, the sum of N34.905 billion was allocated for the cost of collection and the sum of N25.132 billion given for transfers, intervention and refunds. “The remaining sum of N812.593 billion was distributed  to the three tiers of government, of which the federal government got N121.889 billion, the States received N406.297 billion and Local Government Councils got N284.408 billion.

“Accordingly, the Gross Statutory Revenue of N2.128 trillion received for the month was lower than the sum of N2.838 trillion received in the previous month by N710.134 billion. From the stated amount, the sum of N79.090 Billion was allocated for the cost of collection and a total sum of N809.873 Billion for Transfers, Intervention and Refunds.

“The remaining  balance of  N1.239 Trillion was distributed as follows to the three tiers of government: federal government got the sum of N581.672 billion, States received N295.032 billion, the sum of N227.457 billion was allocated to LGCs and N134.956 billion was given to derivation revenue (13 percent mineral producing states),” it stated.

Also, the sum of N53.838 billion from  Electronic Money Transfer Levy (EMTL) was distributed to the three tiers of government as follows: the federal government received N7.753 billion, States got N25.842 billion, Local Government Councils received N18.089 billion, while N2.154 billion was allocated for cost of collection.