THE three tiers of government – federal, states and 774 council areas —yesterday shared N619.857 billion as Federal Allocation for February.
A communiqué issued by the Technical Sub -Committee of the Federation Accounts Allocation Committee (FAAC) at the end of its February meeting, indicated that the gross statutory revenue received was N478.434 billion. It was lower than the N505.246 billion received in the previous month by N26.812 billion.
Addressing reporters at the end of yesterday’s meeting in Abuja, the Director of Funds in the Office of the Accountant-General of the Federation (OAGF), Muhammed Usman, said: “Federation crude oil export sales increased by about 46 per cent resulting in increased federation revenue from $425.00 million previously to $574.95 million. Shut-in and shut-down persisted while some terminals remained closed due to leaks and maintenance.
“Petroleum Profit Tax (PPT) increased significantly while Companies Income Tax (CIT) recorded a marginal increase. Revenues from Value Added Tax (VAT), Oil Royalty, Import and Excise Duties decreased in February, 2019.
“The distributable statutory revenue for the month is N478.434 billion. The total revenue distributable for the current month (including VAT, Exchange Gain, Excess Bank Charges recovered and Forex Equalisation) is N619.857 billion.
“Therefore, from the total distributable revenue for the month, the Federal Government received N257.681 billion representing 52.68 per cent; states received N169.925 billion representing 26.72 per cent; local government areas received N127.722 billion representing 20.60 per cent; while the oil producing states received N50.946 billion also representing 13 per cent derivation revenue.”
Usman further disclosed that “the balance in the Excess Crude Account (ECA) as at 27th March, 2019 is $183 million.”