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The Federal Government generated N2.326,148 trillion last month in February and distributed N1,152.756 trillion to federal, states and local government councils from the proceeds. At its February meeting of the Federation Account Allocation Committee chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja Thursday, from the stated…The Federal Government generated N2.326,148 trillion last month in February and distributed N1,152.
From that amount, the sum of N18.420 Billion was allocated for the cost of collection and the sum of N13.262 Billion was given for Transfers, Intervention and Refunds. The remaining sum of N428.806 Billion was distributed to the three tiers of government, of which the Federal Government got N64.321 Billion, the States received N214.403 Billion, and Local Government Councils got N150.082 Billion.
The Communique also disclosed N657.444 Billion from Exchange Difference, which was shared as follows: Federal Government received N278.463 Billion, States got N141.240 Billion, while the sum of N108.891Billion was allocated to Local Government Councils, N78.850 Billion was given for Derivation and the total of N50.000 Billion was saved.
The Initiative for Leadership Development and Change , a progressive change organisation, has commended the Senate for increasing FCT statutory 2024 budget from N1.15 trillion to N1.282 trillion.
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