The Federation Accounts Allocation Committee (FAAC) shared a total of N780.926 billion as the federation account revenue for March.
This was disclosed by the Office of the Accountant-General of the Federation (OAGF) in a Statement of Accounts issued on Wednesday in Abuja.
The April meeting of FAAC where the sharing of the March revenues was discussed, held through virtual conferencing as members could not meet physically due to the lockdown emplaced because of the coronavirus pandemic.
The money shared among the three tiers of government and relevant agencies comprised of statutory revenue, value added tax (VAT) and exchange gain.
The statement also reported Excess Crude Account (ECA) balance of $72.221 million.
The gross statutory revenue for the month of March stood at N597.676 billion, higher than N466.058 billion received in February 2020.
Value Added Tax (VAT) yielded gross revenue of N120.268 billion in March as against N99.552 billion in February, an increase of N20.716 billion while the sum of N62.928 billion was made from exchange gain in the month under review.
The statement of accounts further disclosed that from the total revenue shared, the Federal Government received N264.330 billion, state governments received N181.487 billion while local government councils received N135.950 billion.
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Oil producing states received N38.751 billion as 13% derivation revenue, while the cost of revenue collection by revenue agencies and allocation to North-East Development Commission (NEDC) was N160.408 billion.
Also, the Statement of Accounts, indicated that the Federal Government received N217.773 billion from the gross statutory revenue of N597.676 billion.
The state governments received N110.457 billion and the Local Government Councils got N85.158 billion.
The sum of N32.299 billion was given to the relevant states as 13 per cent derivation revenue and N151.989 billion was cost of revenue collection by revenue agencies and allocation to NEDC.
From Value Added Tax revenue of N120.268 billion, the Federal Government got N16.777 billion, state governments received N55.925 billion and local government, N39.147 billion.
The cost of collection by revenue agencies and allocation to NEDC was N8.419 billion.
A breakdown of the N62.982 billion available from exchange gain, showed that the Federal Government received N29.780 billion, state governments received N15.105 billion, local governments received N11.645 billion and the oil producing states received N6.452 billion.
The statement of Accounts indicated that for the period under review, Petroleum Profit Tax (PPT), Companies Income Tax(CIT), Import and Excise Duties, Oil and Gas Royalties and VAT recorded substantial increases.
