FAAC shares N345billion as February revenue

Hauwa Noroh Ali, Abuja

The Federation Accounts Allocation Committe on Tuesday in Abuja, said that N345 billion was shared among the federal, states and local governments as revenue for February 2015.

Tthe Permanent Secretary, Ministry of Finance, Mr Mahmoud Isa Dutse, announced this when he addressed newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting.

he said that the shared amount comprised the month’s statutory revenue of N270.5 billion.

“Also, there is the exchange gain of N3.49 billion which is proposed for distribution.

“Therefore the total revenue distributable for the month of February including VAT of N64.7 billion is N387.7 billion,” he said.

Mr Dutse said also that the money shared included the N6.3 billion refunded to the federation by Nigerian National Petroleum Corporation (NNPC).

It can be recalled that N370.3 billion was shared to the three tiers of government as revenue for the month of January. This shows an increase of N25.2 billion in revenue.

Giving the breakdown of revenue among the three tiers of government, the Permanent Secretary said the Federal Government received N127. 2 billion, representing 52.68 per cent; states, N64.5 billion, representing 26.72 per cent.

The local governments, she said, received N49.7 billion, amounting to 20.60 per cent of the amount distributed.

He announced that N22.7 billion representing 13 per cent derivation revenue was shared among the oil producing states.

Dutse said that the country generated N176.3 billion as mineral revenue and N94.1 billion as non-mineral revenue in February.

This he said showed an increase of N2.7 billion and a decrease of N23.1 billion from what the country generated as mineral and non-mineral revenue in the preceding month.

He further stressed that for the first time since July, 2015, the government has credited its Excess Crude Account.

Putting the new balance at 2.26 billion dollars, which showed that about one million dollars was credited.

Dutse said vandalism of oil pipelines, among other factors, continued to negatively impact on oil revenue generation.

He said the shut-in, shut-down of production for repairs, resulted to shortfall due to technical hitches at different terminals throughout the month, impacting negatively on crude oil and gas revenue.

Also, there was revenue loss of 45.9 million dollars as a result of drop in income recorded from Oil and Gas Royalty, Companies Income Tax and Import Duty.

Responding to questions about the ongoing recovery of looted funds, the Accountant –General of the Federation Mr Ahmed Idris said he could not give any data for now, because some issues around it were under litigation