Ndubuisi Francis in Abuja
A total of N617.566 billion was yesterday distributed as Federal Allocation for the month of March, 2019 among the three tiers of government, comprising the federal , states and local governments.
A communiqué issued by the Technical sub -Committee of Federation Account Allocation Committee (FAAC) released at the end of meeting in Abuja, indicated that the gross statutory revenue received for the reference month was N446.647 billion, which is lower than the N478.434 billion received in the previous month by N31.787 billion.
In the same vein, the revenue generated from the Value Added Tax (VAT) was N92.181billion, representing a decrease from the N96.389 billion generated from previous month by N4.208 billion.
There was also N653 million from Exchange Gain, N13.085 billion from forex equalisation; N55.000 billion from Good and Valuable Consideration, as well as N10 billion added by NNPC, bringing the total revenue distributable for the current month to the sum of N617.566 billion.
Consequently, from the net distributable revenue for the month, the federal government received N257.758 billion; states received N168.254 billion; local government councils received N126.575 billion, while the oil- producing states received N49. 823billion, representing 13 per cent derivation of mineral revenue.
The cost of collection, transfer and FIRS refund came up to N 15.156 billion.
The distribution of the VAT realised saw the federal government receiving N13.274 billion, representing 15 per cent; states received N44.247 billion, representing 50 per cent, while the local government councils received N30.973 billion also representing 35 per cent
The communiqué also showed the breakdown of allocation from the statutory revenue generated as thus: federal government N208.394 billion representing 52.68 per cent; states government N105.700 billion, local government council received N81.490 billion.
It explained that federation crude oil export sales increased by about 49.18 per cent due to the increase in lifting volume, which resulted in increased Federation Revenue of about $240.23 million. Also, the average crude oil price increased from $63.62 to $79.06 per barrel.