The Federation Account Allocation Committee (FAAC) reported on Tuesday that the three tiers of government shared a total sum of N617.566 billion in March from revenue accruals into the Federation Account.
This figure was contained in a communique issued by the Technical sub Committee of the FAAC at the end of its meeting in Abuja.
The document indicated that the gross statutory revenue received during the month ebbed to N446.647 billion, lower by N31.787 billion than the N478.434 billion collections in February.
According to the FAAC, the revenue generated from the Value Added Tax (VAT) was N92.181billion, representing a decrease of N4.208 billion from the N96.389 billion generated in the previous month.
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A further analysis of the revenue collected during the month showed that there was also N653 million from Exchange Gain, N13.085 billion from Forex Equalization; N55.000 billion from Good & Valuable Consideration as well as N10.000 billion paid by the NNPC.
Altogether, the total revenue distributable for the month stood at N617.566 billion.
From the Net Distributable Revenue for the month, Federal Government got N257.758 billion; states received N168.254 billion; Local Governments got N126.575 billion , while the Oil Producing States received N49.823 billion, representing 13% derivation of mineral revenue.
According to the FAAC, the cost of Collection, Transfer and FIRS Refund came up to N 15.156 billion.
The Value Added Tax (VAT) distributions to the tiers of government showed that the Federal Government got N13.274 billion, representing 15 percent; states received N44.247 billion representing 50 percent compared to the local government’s collection which stood at N30.973 billion, representing 35 percent of the VAT collections.
The communique also showed the breakdown of allocation from the statutory revenue generated indicated that the Federal Government got N208.394 billion, representing 52.68%; States N105.700 billion while the Local Governments received N81.490 billion.
The document reflected further that Federation Crude oil export sales increased by about 49.18 per cent due to the increase in lifting volume, thereby resulting in increased federation revenue of about $240.23 million.
Similarly, the average crude oil price increased from $63.62 to $79.06 per barrel. However, lifting operations, the communiqué said, were adversely affected by production Shut-in, Shut -down at various Terminals due top technical issues, leaks and maintenance.
During the month in review, there were increases in revenues from Oil Royalty, Import and Excise Duties, while Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) dropped.
The FAAC stated that the balance in the Excess Crude Account (ECA) stood at $183 million during the month under review.
