FAAC allocates N610bn to FG, states

The gross revenue that accrued into the federation account dropped by N42.21bn from N547.46bn recorded in December last year to N505.24bn in January.This was disclosed shortly after the end of the Federation Account Allocation Committee meeting in Abuja.

The Accountant-General of the Federation, Ahmed Idris, said that despite the revenue decline, the committee was able to allocate the sum of N610.36bn to the three tiers of government.

He said that additional approval of N50bn to be withdrawn from the Foreign Exchange Equalisation Account for distribution was being awaited by the committee.

The approval, which is expected to be given by the Minister of Finance, Zainab Ahmed, would bring the total amount to be received during the period to N660.36bn.

He said from the N610.36bn, the Federal Government after deducting the N75bn cost of revenue collection to the revenue generating agencies received N252.41bn.

Idris said the 36 states were to share the sum of N170.541bn, while the 774 Local Government Councils were to receive N127.92bn.