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Economy

FG, states, LGAs share N617.566bn for March

The Federal Account Allocation Committee (FAAC) yesterday disbursed N617.566bn as revenue for the three tiers of government for the month of March.

This represents N2.291bn shortfall from the N619.857 shared in the month of February. The communiqué issued by the Technical sub -Committee of Federation Accounts Allocation Committee (FAAC) released at the end of meeting in Abuja, indicated that the Gross statutory revenue received is N446.647 billion, which is lower than the N478.434 billion received in the previous month by N31.787 billion.

Also the revenue generated from the Value Added Tax (VAT) was N92.181 billion. This is a decrease from the N96.389 billion generated from previous mont. There was also N653 M from Exchange Gain, N13.085 billion from Forex Equalization; N55.000 billion from Good & Valuable Consideration as well as N10.000 billion added by NNPC.

These therefore, brought the total revenue distributable for the current month to the sum of N617.566 billion. Consequently, from the Net Distributable Revenue for the month, Federal Government received N257.758 billion; States received N168.254 billion; Local Government Councils received N126.575 billion, while the Oil Producing States received N49.823 billion representing 13 percent derivation of Mineral revenue.

The Cost of Collection, Transfer and FIRS Refund came up to N 15.156 billion. Furthermore, the distribution of the Value Added Tax (VAT) realized, is thus: Federal Government received N13.274 billion representing 15 percent; States received N44.247 billion representing 50 percent, while the Local Government Councils received N30.973 billion also representing 35 percent.

The communique also showed the breakdown of allocation from the the Statutory revenue generated as thus: Federal Government N208.394 billion representing 52.68%; States Government N105.700 billion, Local Government Council received N81.490 billion.

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The Communique further explained that Federation Crude oil export sales increased by about 49.18 percent due to the increase in lifting volume, which resulted in increased Federation Revenue of about $240.23 million.

Also, the average crude oil price increased from $63.62 to $79.06 per barrel. The balance on Excess Crude Account is $183 million.

Source: By Chris Agabi

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