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