Workers at the three tiers of government are to receive their March salaries before the Easter break as the federal, state and local governments shared the sum of N647.39 billion from the Federation Account.
The money was the revenue collection for the month of February 2018 which was approved at the Federation Account Allocation Committee (FAAC) meeting on Wednesday.
The FAAC meeting, which was presided over by the Minister of Finance, Kemi Adeosun, was attended by a representative of the Permanent Secretary and Director of Home Finance in the Federal Ministry of Finance, Olubunmi Siyanbola; Accountant General of the Federation, Ahmed Idris; Chairman of Finance Commissioners’ Forum and Adamawa State Commissioner for Finance, Mahmoud Yenusa; states’ commissioners of finance and accountants-general, and representatives of revenue generating agencies.
Mrs Adeosun, who spoke to journalists at the end of the committee’s meeting, said the N647.39 billion distributed to the three tiers of government was N11.836 billion higher than the N635.554 billion shared in the previous month.
Statutory revenue accounted for N557.943 billion of the total revenue distributed on Wednesday while value added tax accounted for the balance of N89.447 billion.
The total revenue distribution in the previous month was made up of statutory revenue of N538.908 billion and value added tax of N96.646 billion.
Giving further breakdown of the revenue distribution, Adeosun said the Federal Government received N257.927 billion of the net statutory revenue as against the N249.366 billion received in the previous month, while the state and local governments’ share of the statutory revenue was N130.824 billion and N100.86 billion respectively.
States and local governments had last month got N126.482 billion and N97.512 billion respectively.
The 13% derivation accounted for the balance of the statutory revenue of N57.356 billion.
The 36 states received value added tax of N42.935 billion compared with N46.39 billion received in the previous month, while the federal and local governments received VAT of N12.88 billion and N30.054 billion respectively.
Both federal and local governments had received N13.917 billion and N32.473 billion, respectively, from VAT in February 2018.
