The Federation Account Allocation Committee (FAAC) met and shared N497.73 billion for the month of March 2012.                Distribution Details of Revenue Allocation to Local Government Councils by Federation Account Allocation Committee for the Month of January, 2011 Shared in February, 2011                Distribution Details of Revenue Allocation to Local Government Councils by Federation Account Allocation Committee for the Month of February, 2011 Shared in March, 2011                 Distribution Details of Revenue Allocation to Local Government Councils by Federation Account Allocation Committee for the Month of March, 2011 Shared in April, 2011                 Distribution Details of Revenue Allocation to Local Government Councils by Federation Account Allocation Committee for the Month of June, 2011 Shared in July, 2011                 Summary of Gross Revenue Allocation by Federation Account Allocation Committee for the Month of July, 2011 Shared in August, 2011                 Summary of Gross Revenue Allocation by Federation Account Allocation Committee for the Month of August, 2011 Shared in September, 2011                 Distribution Details of Revenue Allocation to Local Government Councils by Federation Account Allocation Committee for the Month of November, 2011 Shared in December, 2011                 Summary of Gross Revenue Allocation by Federation Account Allocation Committee for the Month of December, 2011 Shared in January, 2012                 Summary of Gross Revenue Allocation by Federation Account Allocation Committee for the Month of February, 2012 Shared in March, 2012                

The Federation Account Allocation Committee (FAAC) met and shared N497.73 billion for the month of March under the Chairmanship of the Honourable Minister of State for Finance, Dr Yerima Lawan Ngama.

Federal Government (52.66%) got it share as N233.961, while State Government (26.72%) had N118.668 billion and the Local Governments (20.60%) got N91.488 billion.

As for the value Added Tax (VAT), the distributable amount is N62.009 billion. Federal Government (15%) got N8.929 billion, the States (50%) got N29.764 billion while Local Government (35%) had N20.835 billion. Derivations (13%) of mineral Revenue Oil and Gas are N53.614 meant for the Oil producing states to share.

The gross revenue of N726.772 billion received for the month was lower than the N766.772 billion received in the previous month by N40.000 billion. This was due to a decrease in Crude Oil Export for the month as a result of several operational issues and safety challenges in Bonga, Brass, Bonny and Qua Iboe Terminals.

The meeting was attended by the commissioners of Finance from the 36 States and Abuja.

FAAC Report

PRESS RELEASE

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