FG, States, LGs Share N466.93b in March

By Modupe Gbadeyanka

The sum of N466.93 billion was shared by the Federal, States and Local Governments in the month of March 2017, the National Bureau of Statistics (NBS) has disclosed.

The amount, the NBS said, was disbursed by the Federation Account Allocation Committee (FAAC) to the three tiers of government.

It was from the revenue generated in February 2017, the statistics agency explained.

From the data released by the NBS, the amount disbursed comprised of N290.16 billion from the Statutory Account; N40.33 billion from exchange gain; N60.89 billion from Excess Petroleum Product Tax (PPT) Account; N69.21 billion from Valued Added Tax (VAT) while the sum of N6.33 billion was refunded to the FG from the Nigerian National Petroleum Corporation (NNPC).

It was stated further that the FG received a total of N180.51 billion from the N426.88 billion shared, while states got a total of N116.51 billion and local governments received N87.47 billion.

Equally, the sum of N3.80 billion was shared among the oil producing states as 13 percent derivation fund and N31.47 billion transferred to the Excess Petroleum Product Tax (PPT) Account.