FG, states, LGs share N2.036trn revenue
The Federation Account Allocation Committee (FAAC) has shared N2.036 trillion among the federal government, states and the local government councils (LGCs). The revenue was shared at the April meeting of FAAC in Abuja. The N2.036 trillion total distributable revenue comprised statutory revenue of N1.320 trillion, Value Added Tax (VAT) revenue of N515.391 billion and augmentation of N200 billion. A communiqué issued by FAAC indicated that total gross revenue of N2.364 trillion was available in the month of March. It said that the total deduction for the cost of collection was N81.084 billion, while total transfers, refunds and savings were N246.872 billion and an augmentation of N200 billion.