This is how FG, states and LGs shared N467.8bn in March

- The Federation Account Allocation Committee (FAAC) shared N467.8 billion as revenue for March to the three tiers of government

- The figure is N38.7 billion more than what was shared in March

The Federation Account Allocation Committee (FAAC) disbursed the sum of N466.93billion to the federal, states and local governments in March from the revenue generated in February.

This is N38.7 billion more than what the three tiers of government shared in February.

According to the report released on Tuesday, April 25, by the National Bureau of Statistics (NBS), the amount disbursed comprised of N290.16bn from the statutory account; N40.33bn from exchange gain; N60.89bn from Excess Petroleum Product Tax (PPT) account; N69.21bn from Valued Added Tax (VAT) while the sum of N6.33bn was refunded to the federal government from the Nigerian National Petroleum Corporation (NNPC).

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From the report, Legit.ng gathered that the sum of N150.76bn was disbursed to the FGN consolidated revenue account while N3.24bn was shared as share of derivation and ecology. The sum of N1.62bn was disbursed as stabilization fund, N5.44bn for the development of natural resources and N3.86bn to the Federal Capital Territory (FCT) Abuja.

Below is a breakdown of the revenue allocation distribution.

1. Federal government received a total of N180.51billion.

2. States received a total of N116.51billion

3. Local governments received N87.47billion.

4. The sum of N3.80billion was shared among the oil producing states based on the 13% derivation principle.

5. N31.47bn was transferred to the Excess Petroleum Product Tax (PPT) account.

Further breakdown of what revenue generating agencies got as cost of revenue collection.

6. Nigeria Customs Service (NCS) recieved N2.94billion

7. Federal Inland Revenue Service (FIRS) N4.15billion

8. Department of Petroleum Resources (DPR) got N1.74bn

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Speaking to journalist in Abuja on Tuesday, April 25, to the Accountant-General, Ahmed Idris, who represented the minister of finance, Kemi Adeosun, said the N467.8 billion was distributed under four sub-heads.

In March, the government generated N228.54 billion as mineral revenue, an increase of N16.94 billion from what was generated in February.

Also, the non-mineral revenue increased by N24.47 billion, from the N78 billion the country generated in February.

Last week, report surfaced that President Muhammadu Buhari-led federal government has finally moved Nigerian economy out of recession.

The National Bureau of Statistics (NBS) also said the inflation rate dropped by 0.52 percent in March to close at 17.26 percent, the second decline recorded in two months.

Legit.ng team was on the streets of Lagos to find out from Nigerians if President Buhari had truly taken the country out of recession. Watch their reactions below:

Source: Legit.ng