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Wednesday, March 22, 2017

March 2017 FAAC meeting ...FG, states, LGs share N429bn


The Federal, States and Local governments in the country yesterday shared N429.127 billion as revenue from February 2017. The amount distributed for March 2017, include deductions made from Value Added Tax (VAT).

Briefing journalists at the end of the Federation Account Allocation Committee (FAAC) yesterday, the minister of finance, Mrs. Kemi Adeosun said the gross statutory revenue for the month stood at N290.163 billion lower than the N324.990 billion received in the previous month by N34.827 billion. She said there was revenue increase of $4.06 million of federation export sales due to a rise in crude oil export volume by 0.30 million barrels.
 
Nigeria's Honorable Minister of Finance
The distributable statutory revenue for the month is N258.692bn. The sum of N6.330bn was refunded by NNPC to the federation account. Another N60.899 billion came in from excess petroleum pricing tax account. Exchange gain for the period stood at N40.329bn. The Federal Government got N117.581bn of the total allocation, representing 52.68 percent while, the States received N59.639bn, representing N26.72 percent, which is N35.395bn higher than last months’ revenue allocation to the states.

The 774 local governments of the federation got N45.979bn or 20.60 percent from which 13 percent or N23.191bn derivation was shared among the oil and other mineral resources producing states across the country. Oil production diminished during the period due largely to pipelines leakages arising from sabotage, according to the finance minister.

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