FAAC: FG, States, LGs Share N647.39bn, end revenue rift with NNPC

The total  sum of  N647.39 billion has been shared at the meeting of the Federation Account Allocation Committee FAAC  among the Federal, States and Local Government Councils, following disagreement about the revenue figures remitted into the federation account by the Nigerian National Petroleum Corporation

The Federal Government received N270.8bn, states got N173.75bn and the 774 local government councils were allocated a total amount of N130.9bn.

The committee also allocated the sum of N57.35bn to the oil producing states based on the 13 per cent derivation principle while N14.55bn was returned to the revenue generating agencies as coat of revenue collection.