FG, States, LGs Share N299.7billion for March

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Government fund disbursed for March, which was released on Thursday, April 21, after the Federation Accounts Allocation Committee FAAC, meeting, fell significantly to N299.747 billion from the N338.765 billion shared for February.

The shared amount is the lowest in over five years.

However, the states got a relief because of the decision of President Muhammadu Buhari that federal government deductions should be shelved this month.

Permanent Secretary of the Federal Ministry of Finance Mahmud Dutse announced that the Federal government got N109.113 billion; state governments (N55.344 billion) and Local Governments (N42.668 billion). Oil producing states received N19,750 billion as 13 per cent derivation.

An amount of N61. 665billion was shared from Value Added Tax (VAT) proceeds out of which the Federal Government got N9.250 billion; States (N30.833b) and local governments (N21.583b).

The permanent Secretary noted that the statutory revenue of N232. 619 billion received for the month was lower by N37.880 billion to the N270.499 received in the previous month.

He said the drop in revenue was due to shut-in and Shut-down of oil production for repairs and maintenance which continued during the period.

(Bizwatch)

 

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