Amid prevailing economic challenges and poverty in the country, the Federation Account Allocation Committee (FAAC) last night approved N1.14 trillion ( N1,149, 816) for January allocation to the three tires of government- federal, states and 774 local government councils. Approval for sharing was conveyed at February FAAC session chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, according to statement by Mallam Bawa Mokwa, Director of Information at the Office of the Accountant General of the Federation (OAGF). The three tires of government have been receiving trillion mark threshold revenue from the federation purse since the removal of fuel subsidy. The amount shared comprised distributable statutory revenue of N463.079 billion, distributable Value Added Tax (VAT) revenue of N391.787 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.922 billion and Exchange Difference revenue of N279.028 billion.
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