Nigeria, Feb. 28 -- The Federal Government, states, and local councils shared a total of N1.703 trillion as Federation Account Allocation for January, according to the Federation Account Allocation Committee (FAAC).

The disbursement, announced following FAAC's February meeting chaired by Finance Minister Wale Edun, reflects a surge in statutory revenue.

The total allocation was drawn from a gross revenue of N2.641 trillion, comprising statutory revenue, Value Added Tax (VAT), and the Electronic Money Transfer Levy (EMTL).

From this, the Federal Government received N552.6 billion, states were allocated N590.6 billion, and local government councils received N434.6 billion. Oil-producing states were granted N125.3 billion as 13 per cent d...