The Federation Account Allocation Committee (FAAC) yesterday announced a gross revenue of N651.265 billion which accrued to the federation account in the month of January 2013.
This marked a N70 billion increase as against N567.708 billion shared in December 2012.
After statutory deductions, a total sum of N575.464 billion was then shared among the three tiers of government; federal, states and local governments.
The federal government got N217 billion from the statutory revenue (52.7%), states received N110billion (26.7%) while local governments got N85 billion (20.6%). The oil producing states got N47.4 billion for the 13 percent derivation.
Addressing newsmen after the FAAC meeting yesterday, Minister of State for Finance, Dr Yerima Ngama said "the increase was due to the significant increase recorded in the Petroleum Profit Tax for the month of January."