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Three Tiers of Government Share N590bn Revenue for February

The three tiers of government have shared revenue totaling 590.5 billion naira from the federation account for the month of February 2022.

The revenue was shared between the three tiers of government during the virtual meeting of the monthly meeting of the federation account allocation committee.

Federal government received 236.1 billion naira, 36 state governments (n190 billion naira), 774 local governments (140.6 billion naira) as well as additional 23.7 billion naira for the oil producing states.

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The revenue was shared from the distributable revenue, including the statutory revenue (387.4 billion naira), and value added tax (165.6 billion naira)

Others are foreign exchange differential (7.47 billion naira) as non-mineral revenue puts at 80 billion naira.

The fund in the excess crude account remains at $35.3 billion.

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