FG, states, LGs share N641bn for March

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.