ANNOUNCEMENTS (UPDATED 6:24pm TODAY)
April's Withdrawal Estimate ₦405,650 In Total


« | »

FG, states, LGs, share N725.571bn for March


The Federation Accounts Allocation Committee (FAAC) on Wednesday shared the sum of N725.571 billion to the three tiers of government as revenue allocation for March.

The Director of Information and Press, Ministry of Finance, Budget and National Planning, Mr. Phil Abiawute-Mowete, disclosed this in a statement in Abuja.

Abiawute-Mowete said the Federal Government received N277.1 billion while the states and local government areas got N227.201 billion and N167.910 billion respectively.

He added that oil-producing states received N53.356 billion as derivation (13 percent of Mineral Revenue).

The director revealed that the Gross Revenue available from the Value Added Tax (VAT) for March was N204.402 billion.

Abiawute-Mowete said: “The distribution is as follows – Federal Government got N30.660 billion, the states received N102.201 billion, LGAs got N71.541 billion.

READ ALSO: FG, states, LGAs share N695bn for February

“Gross Statutory Revenue of N521.169 billion was distributed with the Federal Government receiving N246.444 billion. States got N125.000 billion, LGAs got N96.369 billion and Derivation (13 per cent Mineral Revenue) gulped N53.356 billion.”

“The add-backs of VAT for the cost of collection in March was N8.780 billion, while that of Transfers/Refunds/Savings was N6.322 billion.

“The add-backs of Statutory Revenue for Cost of Collection was N35.631 billion while Transfers/Refunds/Savings was N376.504 billion.

“The Petroleum Profit Tax (PPT), Oil and Gas Royalties, Import and Excise Duties, Companies Income Tax (CIT), and Value Added Tax (VAT) all recorded tremendous increases.

“The total revenue distributable for the current month was drawn from Statutory Revenue of N521,169 billion and VAT of N204,402 billion, bringing the total distributable revenue for the month to N725,571 billion.

“The balance in the Excess Crude Account as of April 27 stood at $35.372 million.”

The post FG, states, LGs, share N725.571bn for March appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.


DON'T FORGET TO SHOW LOVE BY SHARING ⬇️👇

READ ALSO


CLICK TO DROP YOUR COMMENT

43 CommentsDrop a Comment
  1. Ricob23

    - Apr 30, 2022 at 12:36 pm

    We will still not see the impact in the state, nor the LG levels

    Reply
  2. Presido78

    - Apr 30, 2022 at 8:59 am

    alright

    Reply
  3. Ohwodiasa

    - Apr 29, 2022 at 1:35 pm

    Wow thats a lot of money

    Reply
  4. Ohwodiasa

    - Apr 29, 2022 at 1:31 pm

    Wow that’s a lot of money

    Reply
  5. Olagunju Funmilayo Grace

    - Apr 29, 2022 at 12:08 pm

    Noted

    Reply
  6. Yusuff993

    - Apr 29, 2022 at 3:18 am

    so excited

    Reply
  7. Dylan Rooney

    - Apr 29, 2022 at 1:09 am

    View

    Reply
  8. Pharexzy

    - Apr 29, 2022 at 12:31 am

    Unbelievable

    Reply
  9. Emmynaija

    - Apr 28, 2022 at 7:55 pm

    That was awesome 🤣

    Reply
  10. afeezhamzat

    - Apr 28, 2022 at 3:22 pm

    Use very well pls

    Reply
  11. Anaebo chinenye vivian

    - Apr 28, 2022 at 12:51 pm

    Ok

    Reply
  12. Ayo1

    - Apr 28, 2022 at 12:41 pm

    The money small

    Reply
  13. Presido78

    - Apr 28, 2022 at 8:48 am

    thats interesting

    Reply
  14. essentials

    - Apr 28, 2022 at 8:18 am

    Thanks for the update

    Reply
  15. Mubaraklag

    - Apr 28, 2022 at 5:48 am

    Don’t forget Asuu too pls

    Reply
  16. Kukswilliams

    - Apr 28, 2022 at 12:42 am

    Great

    Reply
  17. Baby Shaggi

    - Apr 27, 2022 at 11:24 pm

    I love it. Thanks for the update

    Reply
  18. Emmyshem

    - Apr 27, 2022 at 9:31 pm

    Correct

    Reply
  19. Queendy3158

    - Apr 27, 2022 at 9:22 pm

    Noted

    Reply

Drop your Comment To Earn


« | »


Looking for something? Search below