FG, states, LGs share N714.629bn for March

The Federation Account Allocation Committee (FAAC) shared N714.629 billion to the three tiers of government in Abuja on Wednesday as federation allocation for the month of March.

This is contained in a communiqué issued at the end of the FAAC meeting for April.

Its spokesman, Mr Stephen Kilebi, stated that the money shared covered Gross Statutory Revenue of N497.448 billion; Value Added Tax (VAT) of N202.693 billion, and Electronic Money Transfer Levy (EMTL) of N14.488 billion.

Out of the money, the Federal Government received N276.141 billion; the 36 states of the federation received N232.129 billion, while the 774 the local government councils got N171.257 billion.

Oil-producing states got additional N35.102 billion as Derivation Fund (13 per cent of Mineral Revenue).

Kilebi stated that VAT revenue for March was N218.786 billion, showing a decrease from the VAT collected in February.

He added that from the VAT collected, N8.707 billion was allocated to cost of collection and N7.386 paid on transfers, refunds and consultancy fees.

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