Three Tiers Of Government Share N714.63 Billion Revenue For The Month Of March

Federal, State and Local governments have shared revenue totaling N714.63 billion from the federation account for the month of March 2023.

The revenue distributed during the monthly meeting of the federation account allocation committee on Wednesday, was lower than N722.68 billion shared in February 2023.

The distributable revenue was derived from the statutory revenue; value added tax and electronic transfer levy.

According to the breakdown of the distributable, federal government took the lion share of N276.14 billion; 36 state governments (N232.1 billion), while 774 local governments received N171.2 billion.

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Also, oil producing state governments got additional N35.1 billion as 13 per cent derivation, while revenue generating agencies were allocated N31.35 billion.

Total deductions to transfer, refund and consultancy fees also took N126.5 billion.

According to the revenue allocation committee, petroleum profit tax, company tax, oil and gas royalties, import and excise duty as well as electronic transfer levy increased.

But revenue from vat dropped. In March 2023, the total deduction for the cost of collection was N31.355 billion, and the total deduction for transfers, refunds and consultancy fees was N126.567 billion. The Excess Crude Account (ECA) balance remains at $473,754.57.