by Usman Alabi
The Federal government, state and Local government shared a total of N467.807 billion for the month of March at the Federation Account Allocation Committee (FAAC) meeting held in Abuja on Tuesday.
Mr Ahmed Idris, the Accountant-General who represented the Minister of Finance, Mrs Kemi Adeosun disclosed that the N467.8 billion was distributed under four distributable sub-heads.
“The distributable revenue for the month is N299.93 billion. The sum of the N6.33 billion was refunded by NNPC. There is also a proposed distribution of N66.96 billion from the excess Petroleum Profit Tax. Also, exchange gains of N22.25 billion is proposed for distribution, therefore the total revenue distributable for the current month, including VAT of N78.65 billion is N467.8 billion,” the minister said.
The breakdown of the amount showed that the federal government got N189.234 billion, states N127 billion, and local governments N96 billion. The sum of N35.747 billion went to oil producing states as 13 percent derivation.
The cost of collection /FIRS (Federal Inland Revenue Service) refund was N18.824 billion.
“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 $6.4 million. This was due to the decrease in crude oil export volume
He said the government generated N228.54bn as mineral revenue, which shows an increase of N16.94 billion from what was generated in February. In March, the non-mineral revenue also increased by N24.47 billion, from the N78 billion, the country generated in February.
According to him, the balance of the excess crude account currently stands at $2.45 billion.
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