PRESS RELEASE FAAC MEETING: FG, STATES AND LGCs SHARE N1,152.756 TRILLION FROM A GROSS TOTAL OF N2,326.149 TRILLION FOR THE MONTH OF FEBRUARY, 2024 The Federation Account Allocation Committee (FAAC), at its February 2024 meeting chaired by the Honourable Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun, shared a total sum of N1,152.756 trillion to the three tiers of government as Federation Allocation for the month of February, 2024 from a gross total of N2,326.149 trillion. From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED), the Federal Government received N352.409 Billion, the States received N366.950 Billion, the Local Government Councils got N267.153 Billion, while the Oil Producing States received N166.244 Billion as Derivation, (13% of Mineral Revenue). The sum of N66.456 Billion was given for the cost of collection, N856.937 Billion alloca...