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Federal, states and local governments Tuesday shared N617.566 billion from the federation account for the month of March 2019.

A communiqué issued by the Technical sub -Committee of Federation Accounts Allocation Committee (FAAC) released at the end of its meeting in Abuja, indicated that gross statutory revenue amounted to N446.647 billion.

The figure was lower than the N478.434 billion shared last month by N31.787 billion.

Also, the N92.181 realised from Value Added Tax (VAT) was a decrease of N96.389 billion figure of the previous month, with N4.208 billion.

There was also N653 million from foreign exchange gain; N13.085 billion from forex equalisation; N55.000 billion from Good & Valuable Consideration as well as N10.000 billion added by NNPC.

From net distributable revenue for the month, Federal Government received N257.758; states received N168.254 billion; local government councils received N126.575 billion.

Oil producing states got N49.823 billion representing 13 per cent derivation of mineral revenue.

Nigerian Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) transfer and FIRS refund gulped N15.156 billion.

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By Roving

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