ACM Government Income Fund, Inc. Reports Fourth Quarter Earnings.

NEW YORK--(BUSINESS WIRE)--February 14, 1997--ACM Government Income Fund, Inc. (NYSE: ACG), a registered closed-end investment company, today announced earnings for the fourth quarter ended December 31, 1996.

Total net assets of the Fund on December 31, 1996 were $590,172,615 compared with $568,958,950 on September 30, 1996 and $557,524,675 on December 31, 1995. On December 31, 1996 the net asset value per share was $10.29 based on 57,373,505 shares of common stock outstanding.

              December 31, 1996   September 30, 1996   December 31, 1995

Total Net Assets   $590,172,615         $568,958,950    $557,524,675
NAV Per Share            $10.29                $9.92           $9.77
Shares Outstanding   57,373,505           57,373,505      57,093,430


    For the period October 1, 1996 through December 31, 1996, total net
investment income was $13,907,452 or $0.24 per share.  The total net
realized and unrealized gain was $26,812,899 or $0.47 per share for
the same period.



                  Fourth Quarter     Third Quarter   Fourth Quarter
                  Ended                Ended         Ended
                December 31, 1996  September 30, 1996  December 31, 1995

Total Net Investment
Income               $13,907,452          $12,913,218    $14,803,483
Per Share                  $0.24                $0.22          $0.26
Total Net Realized/
  Unrealized Gain    $26,812,899          $33,593,431    $25,326,690
Per Share                  $0.47                $0.59          $0.44

ACM Government Income Fund, Inc. is managed by Alliance Capital Management L.P.

CONTACT: Shareholder Contact:

1-800-221-5672

or

Media Contact Only:

Duff Ferguson

212-969-1056