States, LGAs Share N304.67Billion In March


States and local governments in Nigeria shared the sum of N304.67 billion in March, according to figures released by the National Bureau of Statistics, NBS.
The NBS said on its website that the Federation Account Allocation Committee (FAAC) disbursed N270.81 billion to the Federal Government, N173.76 billion to 36 states while 774 local government areas got N130.91 billion. The shared funds derived from N557.29 billion from the Statutory Account, N89.45 billion from Valued Added Tax (VAT) and N654.49 million excess bank charges.
The report, however, stated that the sum of N57.49 billion was shared by the oil producing states as 13 per cent derivation fund.
It said that revenue generating agencies such as the Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and the Department of Petroleum Resources (DPR) received N3.82 billion, N5.64 billion and N2.97 billion respectively as cost of revenue collections.
It further said that the breakdown of revenue allocation distribution to the Federal Government indicated that the sum of N230.33 billion was disbursed to the Federal Government consolidated revenue account.
Also, N4.89 billion was shared for derivation and ecology, N2.45 billion as stabilisation fund, N8.23 billion for the development of natural resources and N5.72 billion to the FCT.

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