FG, states, LGs share N467bn despite cut in oil exports

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FG, states, LGs share N467bn despite cut in oil exports

 

The three tiers of government have shared the sum of N 467.807 billion in the month of March.

The amount represented revenue which accrued into the Federation Account and proceeds of the Value Added Tax for the period..

Briefing the press at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja, yesterday, the Accountant-General of the Federation, Ahmed Idris, said that the figure represented a N429.127 million increase over the amount shared last month.

The federal government took the sum of N136.507 billion (52.68%) from the statutory allocation, while states and local governments received N69.238 billion (26.72%) and N53.380 billion (20.60%), respectively.

A total of N78.651 billion was raked in as gross revenue from the VAT as against N69.207 billion distributed in the preceding year, representing an increase of N9.444 billion.

The federal government took the sum of N11.326 billion (15%), while the states and local governments got N37. 753 billion (50%) and 26.427 billion (35%), respectively.

The sum of N258.143 billion was paid to the Federal Inland revenue Service, (FIRS) Nigerian Customs Service (NCS) and the Department of Petroleum Resources (DPR) as cost of collection, for the month..

The oil producing states also received an additional N193.281 billion, representing 13 per cent Derivation from oil revenue for the month, under review..

The AGF revealed that oil revenue fell by about $6.4 million in the month under review due to cut in oil exports.

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