The three tiers of government, yesterday, shared N613.6bn from the Federation Account. The amount collected in the month stood at N726.77 billion, representing a marginal increase of about N7.04 billion over the February allocation of N620.73 billion.
The Minister of State for Finance, Yerima Ngama said at the FAAC meeting, the gross federally collected revenue was N40 billion less than what was collected in February.
He blamed it on the decrease in crude oil export for the month due to several challenges in Bonga, Brass, Bonny, and Qua Iboe terminals. The Federal Government got N231.63 billion,states and local government received N119.27 billion and N91.95billion respectively, just as N7.617 billion was refunded by the NNPC.
The nine oil producing states got extra N49.98 billion as derivation just as another N59.53billion was shared among the three tiers as VAT proceeds, while N173.92bn was transferred to the Excess Crude Account.
Vanguard Nigeria