FG, States, LGAs Share N429b in March

By Modupe Gbadeyanka

The sum of 429.13 billion was shared among the three tiers of government as March 2017 allocation, Minister of Finance, Mrs Kemi Adeosun, has disclosed.

Mrs Adeosun made this disclosure on Tuesday after the Federation Accounts Allocation Committee (FAAC) meeting held in Abuja.

She said the amount was N36.02 billion lower than N465.149 billion shared in February.

The Minister said the sum comprised Value Added Tax (VAT) and other statutory allocations.

According to her, statutory revenue of N290.263 billion was received during the month, which was N34.827 billion lower than the N324.990 billion received in the previous month.

She said further that average price of crude oil fell from $49.57 to $44.74 per barrel during the period under review and the distributable revenue for the month was N258.692 billion while the sum of N6.330 billion was refunded by NNPC to the Federal Government.

Mrs Adeosun said there was revenue increase of $4.06 million in federation export sales due to rise in crude oil export volume by 0.30 million barrels.