The Federation Account Allocation Committee has shared 581.56 billion naira to the three tiers of government for the month of February. The February allocation represents a decline of 65.79 billion naira compared to the 647.35 billion naira shared in January. The amount shared by FAAC was made up of statutory revenue of 466.05 billion naira, Value Added Tax of 99.55 billion naira, and revenue from forex equalisation account 15.19 billion naira. The Federal Government received 236.11 billion naira, State Governments got 159.01 billion naira, while Local Government Councils received 119.3 billion naira. Oil producing states received 45.31 billion naira based on 13 per cent derivation principle while revenue generating agencies got 21.82 billion naira as cost of revenue collection. --- Support this podcast: https://anchor.fm/newscast-africa/support Learn more about your ad choices. Visit megaphone.fm/adchoices