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FEDERAL ALLOCATION: FG, States, LGs share N617.5bn for March

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FEDERAL ALLOCATION: FG, States, LGs share N617.5bn for March

The Federation Account and Allocation Committee (FAAC) has distributed a total of N617.566 billion among the three-tiers of government as income for the month of March, 2019.

This was disclosed in a communique issued on Tuesday by the Technical sub -Committee of the FAAC released at the end of a meeting in Abuja.

Gross statutory revenue received for the reference month was N446.647 billion, which is lower than the N478.434 billion received in the previous month by N31.787 billion.

Similarly, the revenue generated from the Value Added Tax (VAT) was N92.181billion, N4.208 billion less than the N96.389 billion generated from previous month.

READ ALSO: Senate approves N8.916 trillion as 2019 budget

Exchange Gain generated N653m, N13.085 billion was gotten from Forex Equalization; N55.000 billion from Good & Valuable Consideration as well as N10.000 billion added by NNPC.

Therefore, total revenue distributable for the current month is N617.566 billion.

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% derivation of mineral revenue.

The cost of Collection, Transfer and FIRS Refund came up to N 15.156 billion.

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