Federation Accounts Allocation Committee has shared a total of N681.33 billion for March 2021 federation revenue to the federal, states and local governments and relevant agencies across the country.
In the month of March 2021, N154billion was transferred to the non-oil revenue savings and the balance in the Excess Crude Account was $72.413million.
These were contained in a communiqué issued at the end of the virtual meeting of the Federation Account Allocation Committee for April 2021 on Friday.
The gross statutory revenue for the month of March 2021 was N466.687billion, Value Added Tax revenue was N181.712billion and exchange gain was N2.931billion.
The sum of N30billion was added as augmentation, bringing the total distributable revenue to N681.33billion.
The communiqué indicated that from the total distributable revenue, the Federal Government received N212.15billion, state governments received N179.24billion, and the Local Government Councils received N132.19billion.
The sum of N40.24billion was shared to the relevant states as 13 per cent derivation revenue, while the cost of revenue collection, transfers and refunds was N87.507billion.
“The N30billion augmentation was also shared as appropriate,” the communique stated.
From the gross statutory revenue of N466.69billion available in March 2021, the Federal Government received N185.37billion, state governments received N94.02billion and the Local Government Councils received N72.49billion.
The sum of N40.03billion was given to the relevant states as 13 per cent derivation revenue and N74.79billion was allocated to revenue collection, transfers and refunds.
The Federal Government received N25.35billion from the Value Added Tax revenue of N181.71billion available in March 2021.
The state governments received N84.5billion, Local Government Councils received N59.15billion, while N12.72billion was for cost of collection, transfers and refunds.
The communiqué confirmed that the Federal Government received N1.43billion, state governments received N0.73billion, Local Government Councils received N0.56billion and the oil producing states received N0.21billion from the total revenue of N2.93billion available from exchange gain.
According to the communiqué, in the month of March 2021, Import Duty, Excise Duty, Value Added Tax, Companies Income Tax and Oil and Gas Royalty all recorded increases while Petroleum Profit Tax decreased substantially.