FG, States, LGs share N714.629bn for March
By Nana Musa
The Federation Account Allocation Committee (FAAC) shared N714.629 billion to the three tiers of government in Abuja on Wednesday as federation allocation for the month of March.
This is contained in a communiqué issued at the end of the FAAC meeting for April.
Its spokesman, Mr Stephen Kilebi, stated that the money shared covered Gross Statutory Revenue of N497.448 billion; Value Added Tax (VAT) of N202.693 billion, and Electronic Money Transfer Levy (EMTL) of N14.488 billion.
Out of the money, the Federal Government received N276.141 billion; the 36 states of the federation received N232.129 billion, while the 774 the local government councils got N171.257 billion.
Oil-producing states got additional N35.102 billion as Derivation Fund (13 per cent of Mineral Revenue).
Kilebi stated that VAT revenue for March was N218.786 billion, showing a decrease from the VAT collected in February.
He added that from the VAT collected, N8.707 billion was allocated to cost of collection and N7.386 paid on transfers, refunds and consultancy fees.
Kilebi stated also that of the balance of N202.693 billion, the Federal Government got N30.404 billion; states got N101.347 billion, while local councils got N70.943 billion.
He added that gross statutory revenue collected in March was N638.673 billion, an increase over the collection level in February.
He explained that of the revenue collected, N22.044 billion was paid as cost of collection and N119.181 billion paid on transfers, refunds and consultancy fees.
Kilebi added that of the balance of N497.448 billion, the Federal Government got N243.564 billion; states got N123.539 billion, while local councils got N95.243 billion.
Oil Derivation (13 per cent Mineral Revenue) got N35.102 billion.
Also, N15.092 billion from EMTL was distributed to the three tiers of government.
“The Federal Government received N2.173 billion; states got N7.244 billion, while local councils got N5.071 billion. Cost of collection was N0.604 billion,” Kilebi stated.
He added that Petroleum Profit Tax, Companies Income Tax, Oil and Gas Royalties, Import and Excise Duties, EMTL all increased remarkably in March, while VAT decreased considerably.
Kilebi stated also that the balance in the Excess Crude Account as at April 19 stood at 473,754.57 dollars.
Fubara sworn-in, vows to be hard on criminals, criminalities
By Okafor Ofiebor/Port Harcourt Amidst torrential rainfall, Siminalayi Fubara took his oath of office as the fourth elected Governor of...
“If Not for Judy Na You 4 Be President” –Yul Edochie’s Message to Tinubu, Shettima Sparks Reactions
Yul Edochie, Nollywood actor turned politician, has extended his goodwill greeting to President Bola Ahmed Tinubu and Vice President Kashim...
AIT’s Raymond Dokpesi dies in Abuja
A chieftain of the Peoples Democratic Party (PDP) and founder, of DAAR Communications plc, Raymond Dokpesi is dead. He was...
Bauchi to establish security outfit modelled after Amotekun
…To recruit 20,000 youths in phase 1 Bauchi State Governor, Bala Mohammed, has said that his administration has decided to...
Mohammed to recruit 20,000 youths to fight bandits in Bauchi
By Olaide Ayinde The Bauchi State Government has planned to recruit 20,000 youths into the state’s Vigilante and Youth Empowerment...
AIT chairman and owner, Raymond Dokpesi is dead
Chief Raymond Dokpesi, the Chairman of Daar Communications (AIT) and politician passes away on May 29th, 2023. Dokpesi, a senior...
Shade Ladipo shades Basketmouth as she celebrates Ayo Makun’s National Honor
Media personality, Shade Ladipo has thrown shade at Basketmouth while congratulating Ayo Makun on his National Honor award. In a...
I’ll build on Okowa’s legacy, give special attention to Warri
The new Governor of Delta State, Hon. Sheriff Oborevwori on Monday pledged to build on the legacy of the outgone...
AIT founder Raymond Dokpesi is dead
Mr Raymond Dokpesi, the founder of DAAR Communications, proprietors of Africa Independent Television and Raypower FM is died. Dokpesi died...
“Fuel subsidy is gone” – President Tinubu declares
President Bola Tinubu declared the abolition of fuel subsidy in his inaugural address at Eagle Square in Abuja, emphasizing his...