By Joseph INOKOTONG
The Federation Accounts Allocation Committee, FAAC, rose from its monthly meeting in Abuja, yesterday and declared N467.807 billion available for distribution in March for the federal, states and local governments.
The Accountant General of the Federation (AGF), Ahmed Idris, said gross revenue for the month was N331.583 billion, against N290.163 billion realised the previous month.
He said the figure was N41.420 billion, or 14.28 per cent more than what was received in February.
According to him, “despite the increase in average unit crude oil price from $44.74 per barrel to $52.86, the revenue from 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 arising from sabotage, shut down of Terminals for Turn Around Maintenance and the Force Majeure declared at Forcados and Brass Terminal that were still in place.
The AGF said 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, PPT of N22.26 billion and exchange gain of N66.97 billion.
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.
Value Added Tax (VAT), was distributed as follows: 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.
He pointed out that the balance in the Excess Crude Account (ECA), as at April 25, 2017 stands at $2.497 billion, while the Excess PPT is $12.9 million.
FAAC: FG, States, LGs share N467.807Bn March Allocation
By Joseph INOKOTONG