Allocation Drops By N20 bn, FG, States, LGs Share N635.55 bn

The Federation Account Allocation Committee on Thursday approved the sum of N635.55 billion to be shared to the three tires of government from the Federation Account as statutory allocation for the month of January.

The figure was announced by the Accountant-General of the Federation, Idris Ahmed, shortly after the FAAC meeting, which was held at the headquarters of the Ministry of Finance in Abuja. He said the N635.55 billion shared in January was about N20 billion lower than the N655.17 billion, which the committee allocated to the three tiers of government in December.

Ahmed stated that the amount was shared under statutory allocation where the sum of N538.9 billion was distributed to the three tiers of government and Value Added Tax of N96.64 billion. A breakdown of the January allocation showed that after deducting the cost of collection to the revenue generating agencies, the Federal Government got the highest allocation of N263.2 billion, while the 36 states shared the sum of N172.87 billion.

Photo Caption: Accountant-General of the Federation, Idris Ahmed