The Federation Account Allocation Committee (FAAC) yesterday revealed that the three tiers of government shared N467.8 billion in March as federal allocation.
Accountant-General of the Federation, Ahmed Idris, who briefed journalists after the FAAC meeting, said the Federal Government received N189.24 billion, states N127.99 billion while local governments got N96 billion.
The figure was N38 billion higher than N429.1 billion shared in February.
The meeting also witnessed an increase of N41.42 billion in gross statutory revenue from N290.16billion in February to N331.58 billion in March.
He added that the oil producing states received N35.74 billion based on the 13 per cent derivation principle, while the revenue generating agencies got N18.8 billion being cost of revenue collection.
The AGF put the balance in the excess crude account at $2.49 billion as at April 25, 2017.
He lamented that despite the increase in the average price of crude oil per barrel from $44.74 to $52.86, the revenue from federation export sales dropped by $6.4 million.


Post a Comment

Popular Posts

Blog Archive