FAAC shares N299.7bn for March

The Federation Account Allocation Committee (FAAC) shared N299.7 billion among the three tiers of government as monthly allocation for March.

Addressing journalists at the end of the FAAC meeting in Abuja on Thursday, the Permanent Secretary, Ministry of Finance, Mahmud Dutse, said Federal Government got N109.113 billion, state governments received N55.344 billion and local governments got N42.668 billion.

The oil producing states received N19.750 billion as 13 percent derivation.


The sum of N61.665 billion was shared from Value Added Tax proceeds with the federal government pocketing N9.250 billion, states, N30.833 billion and local governments, N21.583 billion.

Speaking on the development, Dutse noted that the statutory revenue of N232. 619 billion received for the month was lower than the N270.499 billion received in the previous month by N37.880 billion.