Ndubuisi Francis in Abuja
For the month of March, the three tiers of government shared a total of N467.807 billion as the Federation Account Allocation Committee (FAAC) meeting ended on Tuesday in Abuja.
The meeting was presided over by the Accountant General of the Federation, Alhaji Ahmed Idris, who briefed journalists.
According to him, the distributable statutory revenue for the month stood at N299.930 billion, adding that the sum of N6.330billion was refunded by the Nigerian National Petroleum Corporation (NNPC) to the federal government.
A sum of N22.259 billion was also proposed for distribution from the Excess Petroleum Profit Tax (PPT) Account, just as an exchange gain of N66.967 billion was proposed for distribution, he said.
This, Idris noted, brought the total revenue distributable for March, including Value Added Tax (VAT) to N467.807 billion.
A breakdown the distributable amount shows that the federal government got N189.234 billion, states N127 billion, and local governments N96billion. The sum of N35.747 billion went to oil producing states as 13 per cent derivation.
Similarly, the cost of collection/FIRS (Federal Inland Revenue Service) refund was N18.824 billion.
Idris explained that the gross statutory revenue of N331.583 billion received for the month of March was higher than the N290.163 billion recorded in the previous month (February) by N41.420 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
“Production suffered during the period due largely to leakages in the pipelines arising from sabotage, shut down of terminals for turnaround (TAM) and force majeure 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 in revenue from Companies Income Tax (CIT, import and excise duties and Value Added Tax (VAT),†he said.
