A total of N467.807 billion was shared yesterday among the three
tiers of government for last month by the Federation Accounts
Allocation Committee (FAAC) .
According to the Accountant-General of the Federation (AGF), Ahmed
Idris, the gross statutory revenue of N331.583 billion received for
the month was higher than last month’s N290.163 billiion by N41.420
He noted that despite the increase in the average unit price of crude
oil per barrel from $44.74 to $52.86, the revenue from Federation
Export sales dropped by $6.6 million.
Addressing a news conference after the meeting in Abuja, Idris
attributed the decline to crude oil export volume.
“Production suffered during the period due largely to leakages in the
pipelines arising from sabotage, shut down of terminals for turnaround
maintenance and the Force Majure declared at Forcados and Brass
Terminals that were still in place.
“There was, however, a noteworthy increase in revenue from oil
royalty. Also, significant increases were recorded from companies’
income tax, import and excise duties and Value Added Tax.”
The Accountant-General noted that the distributable statutory revenue
for the month was N299.930 billion.
Idris added that N6.330 billion was refunded by the Nigeria National
Petroleum Corporation to the Federal Government.
The AGF said: “There is a proposed distribution of N22.259billion from
Excess Petroleum Profit Tax account. Also, exchange gain of N66.967
billion is proposed for distribution. The total distributable for the
current month including VAT is N467.807 billion.”
The Federal Government received a share of N189.243 billion, states
got N127.994 billion and 774 local government areas received N96.000
The chairman, Commissioners of Finance Forum, and Commissioner of
Finance from Adamawa State, Yinusa Mahmud, said the revenue in the
month under review increased by N38 billion.
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