FG, states, LGs share N641bn for March

Daily Trust - - NEWS - By Sun­day Michael Ogwu

Federal, states and lo­cal gov­ern­ments yes­ter­day shared the sum of N614. 358 bil­lion from the fed­er­a­tion ac­count for the month of March 2014.

Speak­ing af­ter the Fed­er­a­tion Ac­count Al­lo­ca­tion Com­mit­tee (FAAC) meet­ing the Ac­coun­tant Gen­eral of the Fed­er­a­tion J.O Otunla said: “The Gross rev­enue of N614 bil­lion re­ceived was lower than the N666.7 bil­lion re­ceived in the pre­vi­ous month. The de­cline in min­eral rev­enue was at­trib­uted to pro­duc­tion shut-down at Qua Iboe and For­ca­dos ter­mi­nals.”

The federal govern­ment got N249 bil­lion (52.6%), the states shared N126.3 bil­lion (26.7 %) and the lo­cal govern­ment got N97.4 bil­lion be­ing 20.6 per­cent of the shared sum. The Ex­cess crude ac­count got N79.4 bil­lion

The sum of N35.5 bil­lion was also pro­posed for dis­tri­bu­tion un­der the SURE-P pro­gramme whereas 13 per­cent min­eral rev­enue deriva­tion got N57.2 bil­lion.

The gross rev­enue avail­able from the Value Added Tax (VAT) was N63.3 bil­lion as against N66.8 bil­lion dis­trib­uted in the pre­ced­ing month, re­sult­ing in a de­crease of N3.4 Bil­lion.

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