3 Tiers of Government Share N780.926bn Federal Revenue In March
FG, States And LGs Share N780.926bn Federal Revenue In March through the Federation Accounts Allocation Committee (FAAC).
This was announced by the Director, Information, Press and Public Relations, Henshaw Ogubike, after a virtual FAAC meeting with the 36 state commissioners of finance, revenue generating agencies and officials of the federal ministry of finance.
The amount involved statutory Revenue, Value Added Tax (VAT), and Exchange Gain, “the Federal Government received N264.330 billion, the State Governments received N181.487 billion, and the Local Government Councils received N135.950 billion.”
“The Oil Producing States received N38.751 billion as 13% derivation revenue, while the cost of revenue collection by Revenue Agencies and allocation to NEDC was N160.408 billion.”
The statement added that gross statutory revenue for the month of March 2020 was N597.676 billion, higher than the N466.058 billion received in February and January 2020 by N131.618 billion.