The Federal, States and Local Governments have shared a total of N467.81 billion for the month of March.
The sharing was done Tuesday after the Federation Accounts Allocation Committee (FAAC) meeting in Abuja.
The Accountant General of the Federation (AGF), Ahmed Idris, who spoke to news men shortly after the meeting, said that gross revenue for the month is about N331.6 billion, against N290.16 billion realized the previous month.
Ahmed Idris said that the figure was about N41.42 billion or 14.28 per cent more than what was realized in February/
He added that despite the increase in average unit crude oil price from $44.74 per barrel to $52.86, the federation export sales dropped by about $6.4 million.
He attributed the drop in crude oil revenue to the decrease in crude oil export volume, with production suffering significant cuts during the period due to leakages in pipelines.
Read Also:
- IGP Egbetokun Donates 10m Each to Deceased Police Victims of Kano Accident, Other Monetary Compensation for Injured; Orders Insurance Unit to Pay Other Benefits.
- Eastern Ports Police Command Nabs Criminals, Thwarts Diversion of Goods; Enhances Ease of Doing Business
- Badaru Hails Nigerian Army 6 Division for Fight Against Oil Theft, Other Criminalities; Says Actions of Operation Delta Safe action yielding increase in oil production
The leakages followed sabotage activities in the Niger Delta, shut down of export terminals for routine turn around maintenance (TAM) and force majeure declared at Forcados and Brass terminals.
The Accountant General said that significant revenue increases came from oil royalty, companies income tax (CIT), import and excise duties and value added tax (VAT).
Details of the distributable revenue included statutory revenue of N299.9 billion; N6.33 billion refund by the Nigerian National Petroleum Corporation (NNPC) to the Federal Government for the N450 billion unremitted oil revenue since 2011; excess petroleum profit tax (EPPT) of N22.26 billion and exchange gain of N66.97 billion.
At the end of the meeting, the federal government got N136.51 billion, or 52.68 per cent; states, N69.24 billion, or 26.72 per cent; local government N53.38 billion, or 20.6 per cent, while the oil mineral states got N25.13 billion as 13 per cent derivation.
The share of the VAT distribution was: federal government, N11.33 billion or 15 per cent; states, N37.75 billion or 50 per cent; and local governments, N26.43 billion or 35 per cent.
END
