FAAC Distribution for December

FAAC SHARED N559.101 BILLION FOR THE MONTH OF DECEMBER
The Federation Account Allocation Committee (FAAC) has met and shared the sum of N559.101billion for the month of December .The meeting was chaired by the Hon. Minister of State for Finance, Dr. Yerima Lawn Ngama
Using 52.68% as the formula, the Federal Government got N 256,244,933,916billion, State Governments - 26.72% got N129, 970,854,864billion while Local Governments - 20.60% got N100, 202,081,220billion.
VAT distribution- the Federal Government got N8,226,442,938.60billion using 15%, State Governments 50% got N27,421,476,462.01billion while Local Governments using 35% got N19.195,033,523.41billion. The total VAT collected for the month of December 2011 is N57, 128,075,962.53.
The meeting was attended by the Accountant Generals and Commissioners of Finance from the 36 states.
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