Fed govt, states, local govts share N467.8bn for March

The Federation Accounts Allocation Committee (FAAC) on Tuesday said it shared N467.807 billion among the three tiers of government for March.

The Accountant-General of the Federation (AGF), Ahmed Idris in a news conference after the meeting in Abuja said the revenue of N331.583 billion received for the month was higher than last month’s N290.163 billiion.

He said the Federal Government received a share of N189.243 billion, states got N127.994 billion and 774 local government areas received N96.000 billion.

He added that the revenue from Federation Export sales dropped by $6.6 million, despite the increase in the average unit price of crude oil per barrel from $44.74 to $52.86.

Idris said, “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.”

"N6.330 billion was refunded by the Nigeria National Petroleum Corporation to the Federal Government.

“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.”