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FG, States, LGAs share N681.3bn for March
Federal, states and local government councils on Friday shared N681.33billion as revenue allocation for March.
The Federation Accounts Allocation Committee (FAAC) disclosed this in a communiqué issued at the end of its meeting in Abuja.
According to the committee, N154billion was transferred to the non-oil revenue savings while the balance in the Excess Crude Account (ECA) was $72.413 million.
The gross statutory revenue for the month was N466.687billion, Value Added Tax (VAT) revenue was N181.712billion and Exchange Gain was N2.931billion.
The sum of N30billion was added as augmentation, bringing the total distributable revenue to N681.33billion.
The agency revealed that the Federal Government received N212.146billion, state governments received N179.242billion while the local government councils collected N132.193billion.
The sum of N40.241billion was shared to the relevant states as 13 percent derivation revenue while the cost of revenue collection, transfers, and refunds was N87.507billion.
“The N30bn augmentation was also shared as appropriate,” the communiqué said.
READ ALSO: Nigeria’s revenue allocation drops in Q4 2020 due to N1.48tn deficit
From the gross statutory revenue of N466.687bn available in March, the Federal Government received N185.365billion, state governments received N94.02billion and the local government councils received N72.485bn.
The sum of N40.028billion was given to the relevant states as 13 percent derivation revenue and N74.788billion was allocated to revenue collection, transfers and refunds.
“The Federal Government received N25.349billion from the Value Added Tax revenue of N181.712billion available in March.
“The state governments received N84.497billion, local government councils received N59.148billion, while N12.719billion was for cost of collection, transfers and refunds.
“Also, the Federal Government received N1.432billion, state governments received N0.726billion, local government councils received N0.56billion and the oil-producing states received N0.213billion from the total revenue of N2.931billion available from Exchange Gain,” it added.
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