The Federation Account Allocation Committee (FAAC) has allocated a total of N1.411 trillion to Nigeria’s three tiers of government for October, out of a gross total of N2.668 trillion.
According to a statement signed on Wednesday by the Ministry of Finance spokesperson, Mohammed Manga, the funds were shared at the FAAC’s meeting in Bauchi, chaired by the Accountant General of the Federation, Oluwatoyin Madein.
The allocation consists of revenue from various sources, including Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED).
