FG, states, LGs, share N725.571bn for March

The Federation Accounts Allocation Committee (FAAC) on Wednesday shared the sum of N725.571 billion to the three tiers of government as revenue allocation for March.

The Director of Information and Press, Ministry of Finance, Budget and National Planning, Mr. Phil Abiawute-Mowete, disclosed this in a statement in Abuja.

Abiawute-Mowete said the Federal Government received N277.1 billion while the states and local government areas got N227.201 billion and N167.910 billion respectively.

He added that oil-producing states received N53.356 billion as derivation (13 percent of Mineral Revenue).

The director revealed that the Gross Revenue available from the Value Added Tax (VAT) for March was N204.402 billion.

Abiawute-Mowete said: “The distribution is as follows – Federal Government got N30.660 billion, the states received N102.201 billion, LGAs got N71.541 billion.

“Gross Statutory Revenue of N521.169 billion was distributed with the Federal Government receiving N246.444 billion. States got N125.000 billion, LGAs got N96.369 billion and Derivation (13 per cent Mineral Revenue) gulped N53.356 billion.”

“The add-backs of VAT for the cost of collection in March was N8.780 billion, while that of Transfers/Refunds/Savings was N6.322 billion.

“The add-backs of Statutory Revenue for Cost of Collection was N35.631 billion while Transfers/Refunds/Savings was N376.504 billion.

“The Petroleum Profit Tax (PPT), Oil and Gas Royalties, Import and Excise Duties, Companies Income Tax (CIT), and Value Added Tax (VAT) all recorded tremendous increases.

“The total revenue distributable for the current month was drawn from Statutory Revenue of N521,169 billion and VAT of N204,402 billion, bringing the total distributable revenue for the month to N725,571 billion.

“The balance in the Excess Crude Account as of April 27 stood at $35.372 million.”