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From Uche Usim, Abuja
The three tiers of government, yesterday, got N429.127 billion as federal allocation for March 2017.
The Minister of Finance, Mrs. Kemi Adeosun, disclosed this after the Federation Accounts Allocation Committee (FAAC) meeting in Abuja, which she chairs.
However, the amount was N36.02 billion lower than N465.149 billion shared in February. The sum comprised Value Added Tax (VAT) and other statutory allocations.
The Minister said statutory revenue of N290.263 billion was received during the month, which was N34.827 billion lower than the N324.990 billion received in the previous month.
According to Adeosun, “there was revenue increase of $4.06 million in federation export sales due to rise in crude oil export volume by 0.30 million barrels.”
However, she explained that average price of crude oil fell from $49.57 to $44.74 per barrel during the period under review. The distributable revenue for the month was N258.692 billion while the sum of N6.330 billion was refunded by NNPC to the Federal Government.
