The Federal Government and the other two tiers of government will share N620.738 billion for the month of February.
A meeting of the Federation Account Allocation Committee (FAAC) meeting, which dragged on into the night ended with confirmation that the federal government would receive N260.187billion, the states N131.970billion and local governments N101.744billion as statutory allocations for February.
also distributed was N7.617billion refunded by the Nigeria National Petroleum Corporation (NNPC). N58.184billion was distributed as proceeds from Value Added Tax (VAT).
The oil producing states shared N60.249billion as 13 per cent oil and gas mineral revenue derivation.
The gross revenue of N766.772billion received for the month of February was higher than the N666.324billion received in January.

This increase was due to increase in Petroleum Profit Tax (PPT)collections for the month of December, 2011 and January 2012 as well as upward review of PPT estimates by oil companies.
The distribitable statutory revenue for February was N402.192billion which showed an increase of N34.006billion or 9.24 per cent when compared to that of January 2012.
In addition, the sum of N152.745billion was proposed as augmentation as a result of the short fall in distributable revenue budgeted.
There was an exchange gain of N11.323billion being the difference between the average prevailing exchange rate and the budgeted rate.
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