Monthly Allocation: Federal, State, Local Govts Share N617.566bn For March
Finance Minister Zainab Ahmed

The Federal Account Allocation Committee (FAAC) on Tuesday disbursed N617.566bn as revenue for the three tiers of government for the month of March, Concise News has learned.

This news medium understands that this represents N2.291bn shortfall from the N619.857 shared in the month of February.

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According to a communiqué issued by the Technical sub -Committee of Federation Accounts Allocation Committee (FAAC), the Gross statutory revenue received N446.647 billion, which is lower than the N478.434 billion received in the previous month by N31.787 billion.

It was also learned that the revenue generated from the Value Added Tax (VAT) was N92.181 billion – a drop from the N96.389 billion generated from previous month.

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.

According to the Net Distributable Revenue for the month, Federal Government got N257.758 billion; States received N168.254 billion; while Local Governments received N126.575 billion.

As for the Oil Producing States, they received N49.823 billion, representing 13 percent derivation of Mineral revenue.