The Federation Account Allocation Committee (FAAC) disbursed N1.15 trillion to the three tiers of government last month, reflecting a total revenue inflow of N2.33 trillion. This amount includes deductions and savings of N1.17 trillion, covering costs such as collection, transfers, interventions, refunds, and savings of N250 billion.
Among the highlights of the distributable revenue of N1.15 trillion were gross statutory revenue of N1.19 trillion, which exceeded January's figure by N40.62 billion, and Value Added Tax (VAT) revenue of N460.49 billion, surpassing January's amount by N39.76 billion. Oil-producing states also received N166.24 billion as derivation revenue.
In the distribution of the N1.15 trillion, the Federal Government received N352.41 billion, states received N366.95 billion, and local governments received N267.15 billion. From the distributable statutory revenue of N101.349 billion, the Federal Government received N7.351 billion, states received N3.729 billion, and local governments received N2.875 billion.
Furthermore, N87.394 billion (13% of mineral revenue) was shared among the benefiting states as derivation revenue. From the distributable VAT revenue of N428.806 billion, the Federal Government received N64.321 billion, states received N214.403 billion, and local governments received N150.082 billion. Additionally, about N15.157 billion from the Electronic Money Transfer Levy (EMTL) was shared, with the Federal Government receiving N2.274 billion, states receiving N7.578 billion, and local governments receiving N5.305 billion.
