The Federal Account Allocation Commttee has approved the disttibution of a total sum of N429.127 to the federal, state and local governments from the monthly federal allocations for the month of March 2017. The money includes deductions made from Value Added Tax.
However, 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.
Kemi Adeosun, minister of finance, said there was revenue increase of $4.06 million in export sales due to a rise in crude oil export volume by 0.30 million barrels.
The distributable statutory revenue for the month is 258.692. The sum of N6.330 billion 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 N40.329 billion.
“The total revenue distributable for the current month (including VAT) is N429.127 billion,” Adeosun said.
The Federal Government got N117.581 of the total allocation, representing 52.68 per cent while, the States received N59.639, representing N26.72 per cent, which is N35.395 billion higher than last months’ revenue allocation to the states. Local government areas got N45.979.