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FG, States, LGs Share N619.8bn For February

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The Federal, states and local governments in the country shared N619.85 billion for the month of February from the Federation Account.

Naija News understands that the amount represents revenue generated in the month of February and shared by the Federation Accounts Allocation Committee, FAAC.

The Director, Funds in the Office of the Accountant General of the Federation, Mohammed Usman, who spoke to journalists after the FAAC meeting held at the Federal Ministry of Finance, Abuja, said the gross statutory revenue received for the month was N478.43bn.

According to him, the amount was lower than the N505.24 billion recorded in the previous month by N26.81 billion.

He, however, revealed that the federation’s crude oil export sales increased by about 46 per cent, which resulted in increased federation revenue from $425m previously to $574.95m. Shut-in and shut-down, however, persisted, just as some terminals remained closed because of leaks and maintenance.

Usman revealed further that there was a significant increase in Petroleum Profit Tax, while a marginal increase recorded with Companies Income Tax recorded.

The breakdown of the distribution showed that from the total distributable revenue for the month of February, the Federal Government received N257.68bn representing 52.68 per cent; states got N169.92bn representing 26.72 per cent; while local government councils got N127.72bn representing 20.60 per cent.

Oil-producing states received N50.94bn as 13 per cent derivation revenue, while N13.58bn was given to revenue generating agencies as cost of revenue collection.

The balance in the Excess Crude Account as of March 27, according to Usman, stood at $183m.

Source: Naija News

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