A total sum of N780.926bn was shared among federal, state and local governments in March as revenue accruals to the Federation Account.
The Federation Accounts Allocation Committee (FAAC) disclosed this in a statement on Wednesday.
The FAAC meeting was held through virtual conferencing in line with the government’s order on social distancing in the face of the COVID-19 pandemic.
According to the statement of accounts issued at the end of the FAAC virtual meeting, the N780.926bn comprised Statutory Revenue, Value Added Tax (VAT), and Exchange Gain. The balance in the Excess Crude Account (ECA) was $72.221m.
The statement showed that the Federal Government received N264.330bn, the state governments received N181.487bn, and the local government councils received N135.950bn.
Oil producing states received N38.751bn as 13% derivation revenue, while the cost of revenue collection by revenue agencies and allocation to NEDC was N160.408bn.
The Federal Government received N217.773bn from the gross statutory revenue compared to the states’ N110.457bn and the local government councils’ N85.158bn.
Minerals producing states got additional N32.299bn as 13% derivation revenue and N151.989bn was cost of revenue collection by revenue agencies and allocation to NEDC.
On VAT, the Federal Government got N16.777bn while the states and local governments received N55.925bn and N39.147bnn respectively,
The cost of collection shared by revenue agencies and allocation to NEDC was N8.419bn.
