FG, States, LGs Share N731.133B Allocation For The Month of March

The three tiers of government in Nigeria have shared N731.133 billion as federal allocation for March 2013.

A communiqué issued by the Technical Sub-Committee of the Federal Accounts Allocation Committee through the Ministry of Finance  showed that the distributable revenue for the month was N500.460 billion.

There was an augmentation of N123.308 billion, which brought the total statutory allocation for the month to N623.768 billion.

Also distributed for the month was N7.617 billion refunded by the Nigeria National Petroleum Corporation and N35.549 billion from the SURE-P.

According to the communiqué, the gross revenue of N595.708 billion was received for the month.

This was higher than the N571.676 billion received in the previous month by N24.023 billion due partly to the receipt of arrears of sales of crude oil and gas.

The communiqué reported that within the period, there was a decrease in crude oil production and lifting operations due to the force majeure declared at Qua Iboe and Brass terminals and maintenance work at Okono, Brass and Amenam terminals.

For March 2013, the gross revenue from Value Added Tax witnessed an increase of N1.492 billion.

The sum of N64.199 billion was available as against N62.707 billion distributed in the preceding month.

A breakdown of the distribution showed that the Federal Government got N232.529 billion (52.68 per cent) as against N209.856 billion received in February.

The state governments shared N117, 942 billion (26.72 per cent) as against N106.442 billion received the previous month.

The local governments shared N90.928 billion (20.60 per cent) against N82.062 billion received for February.

The oil producing states shared N55.008 billion as 13 per cent derivation revenue for March as against NN47.484 billion collected for February 2013.

 

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