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.
According to to Sun news, 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.
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