FG, states, LGs share N467bn for March

Following the rise in gross statutory revenue in the month of March by about 14.28 per cent, the Federal Government, states and local governments shared a total of N467.81 billion.

The Accountant General of the Federation (AGF), Ahmed Idris, disclosed this at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja, explaining that the gross revenue for the month was about N331.6billion as against N290.16billion realised in the month of February.

He said that the figure was about N41.42billion or 14.28 per cent more than what was realised in February.

The AGF however said that in spite of the increase in average unit crude oil price from $44.74 per barrel to $52.86, export sales dropped by about $6.4million.

He said the reason for the drop in crude oil revenue was due to the decrease in crude oil export volume, because production, according to him, suffered substantial cuts during the period owing to leakages in pipelines.

The leakages he explained, was sequel to 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.

“But significant revenue increases came from oil royalty, companies income tax, CIT, import and excise duties and value added tax, VAT,” he said.

Details of the shareable revenue included statutory revenue of N299.9 billion; N6.33billion 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 N22.26billion and exchange gain of N66.97billion.

In all the Federal Government received N136.51billion, or 52.68 per cent; states, N69.24billion, or 26.72 per cent; local government N53.38 billion, or 20.6 per cent, while the oil mineral states got N25.13billion as 13 per cent derivation.

VAT share distribution was Federal Government, N11.33billion or 15 per cent; states, N37.75 billion, or 50 per cent; and local governments, N26.43 billion, or 35 per cent.

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