The Federation Account Allocation Committee (FAAC) has disbursed N736.782 billion from October 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils for October 2022.
This amount was augmented by an additional N70 billion distributed to the three tiers of government.
The Federal Government received N36.876 billion, States got N18.704 billion, Local Government Councils received N14.420 billion.
An extra N30 billion Augmentation was made from non-oil revenue and distributed as follows; Federal Government, N15.804 billion; the States, N8.016 billion; while the Local Government Councils received N6.180 billion.
According to the communiqué at the end of the Federation Account Allocation Committee (FAAC) meeting for November 2022, the N736.782 billion total distributable revenue was made up of N417.724 billion distributable statutory revenue; N213.283 billion Value Added Tax (VAT) revenue; N5.775 billion Exchange Gain revenue.