The Federation Accounts Allocation Committee FAAC, has shared a total sum of 695.033 billion naira to the three tiers of government as federation allocation for February.
The Deputy Director, Information, Federal Ministry of Finance, Budget and Planning, Olajide Oshundun, said this in a statement in Abuja.
Oshundun said that FAAC held virtually.
He said that the Federal Government received the highest allocation of 239 billion naira.
According to him, 23.989 billion naira has been set aside as cost of
He, however, said that the Federal Government got the lowest allocation of 24.845 billion naira from VAT, when compared to the other two tiers of government.
He revealed that Petroleum Profit Tax PPT increased significantly, while Oil and Gas Royalties increased marginally.
