News

FAAC Shared N467.8bn As March Allocation For Federal, State And Local Governments

By  | 

The Federation Account Allocation Committee (FAAC) has shared N467.8 billion as revenue for March to the Federal, States and Local Governments. There was an increase in this month allocation with N38.7 billion more than the amount shared by the three tiers of government for February.

According to the Accountant-General, Mr Ahmed Idris, who represented the Minister of Finance, Mrs Kemi Adeosun, at the monthly FAAC meeting, held on Tuesday in Abuja, while addressing journalists that the N467.8 billion was distributed under four distributable sub-heads.

“The distributable revenue for the month is N299.93 billion. The sum of N6.33 billion was refunded by NNPC. There is also a proposed distribution of N66.96 billion from the excess Petroleum Profit Tax.

Also, exchange gains of N22.25 billion is proposed for distribution, therefore the total revenue distributable for the current month, including VAT of N78.65 billion is N467.8 billion,” the minister said.

He said the government generated N228.54 as mineral revenue, which shows an increase of N16.94 billion from what was generated in February.

In March, the non-mineral revenue also increased by N24.47 billion, from the N78 billion, the country generated in February.

The minister said after deducting cost of collections to the revenue generating agencies, the federal government got N136.5 billion, states N69.23 billion and local government councils N73.26 billion.

In addition, she said the sum of N18 billion was given to the oil producing states based on the 13 per cent derivation principle.

On the balance of the excess crude account, the minister said the account currently stands at 2.45 billion dollars.

Avatar

A Learner

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: