The three tiers of government on Friday night shared N731.13 billion from the Federation Account for the month of March.
The Federation Accounts Allocation Committee, comprising in part of the Commissioners of Finance from the the 36 states, met for about four hours in Abuja.
The Minister of State, Finance, Yerima Ngama, who spoke with newsmen after the meeting, put the gross revenue for the month of March at N595.7 billion.
This is made up of mineral and non mineral revenues of N518.38 billion and N77.32 billion respectively.
There is a marginal increase of N1.49 billion over the N729.64 billion shared by the committee in February.
Also, there is a negative variance of N14.57 billion when compared with the budget benchmark of N745.71 billion for the month of March.
Ngama, who chaired the meeting, explained further that the gross revenue received for the month of March was N24.02 billion higher than the N571.67 billion received in the preceding month.
However, he attributed the increase to the receipt of arrears of crude oil and gas sales.
Ngama said: “The gross revenue of N595.70 billion received for the month was higher than the N571.67 billion received in the previous month by N24.02 billion.
This is due partly to the receipt of arrears of sales of crude oil and gas.
“Crude oil production and lifting operations, however, decreased during the period due to force majeure declared at Qua Iboe and Brass Terminals and maintenance work at Okono, Brass and Amenam terminals.”
The breakdown of the allocation shows that N496.41 billion was shared under statutory allocation, N61.63 billion under Value Added Tax distribution, N35.549 billion under the Subsidy Reinvestment and Empowerment Programme.
Ngama said of the statutory allocation of N496.41 billion, the Federal Government got N232.53 billion, representing 52.68 per cent, state governments got N117.92 billion or 26.72 per cent, while the 774 local government councils were allocated N90.93 billion or 20.60 per cent.
The debt of N7.61 billion owed the Federation Account by the Nigerian National Petroleum Corporation was equally shared.
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