Nigeria, Jan. 18 -- The Federation Account Allocation Committee (FAAC) has distributed N1.424 trillion to the federal government, states, and local government councils as federation allocation for December 2024.

This was disclosed in a communique issued by the Director of Information and Public Relations at the Ministry of Finance, Mohammed Manga, following the FAAC meeting held on Friday in Abuja.

At the meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, it was disclosed that the allocation was derived from a gross revenue of N2.310 trillion.

Out of the total distributable amount, the federal government received N451.193 billion, while the states and local councils were allocated N498.498 ...