The Federation Accounts Allocation Committee (FAAC), has shared six hundred and ninety five point zero , three billion naira to the three tiers of government as revenue for February amid plans by the Nigerian National Petroleum Corporation (NNPC) limited to deduct two hundred and forty two point five three billion naira for subsidy.
The FAAC Director Information, Mr. Olajide Oshundun, disclosed this in a communique, after a Virtual Conference.
From the amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Non-Mineral Revenues and Excess Bank charges, the Federal Government received two hundred and thirty six point one , seven , seven billion naira , the states received one hundred and ninety point zero , zero , seven billion naira , the Local Government Councils got one hundred and forty point six , one two billion naira , while the oil-producing states received twenty three point seven , five zero billion naira as derivation.
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