Fidelity bank banner Bayelsa State banner
FAAC: FG, States, LGs share N626.8bn

By Folasade Folarin on 27/04/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 579

•Accountant-General of the Federation, Ahmed Idris
•Accountant-General of the Federation, Ahmed Idris

 

The Federal Government, States and Local Governments shared N626.8 billion for the month of April.

Mr Ahmed Idris, the Accountant-General of the Federation (AGF), said this on Thursday in Abuja, while briefing newsmen on the outcome of the Federal Account Allocation Committee (FAAC) meeting.

Giving a breakdown of the revenue accrued in March, Idris said N480.59 billion was received as gross statutory revenue, lower than N557.94 billion received in March by N77.34 billion.

He said the reduction in revenue was due to a decrease in the crude oil export sales by 13 percent when compared to 5.42 million barrels from the previous month.

“The issues that negatively affected production were the Shut-ins and Shut-downs at various terminals for repairs and maintenance.

“This resulted in reduced revenue from federation crude oil exports sales by 33.58 million dollars.

“However, the average crude oil price increased from 63.08 dollars to 65.72 dollars per barrel.

“There was a considerable rise in oil royalty for the month, while Companies Income Tax (CIT) and Import Duty recorded marginal increases.

“Value Added Tax (VAT) decreased slightly but there was a significant drop in income from Petroleum Profit Tax (PPT).”

He said that N83.7 billion was received from VAT, showing a decrease of N5.74 billion as against N89.4 billion received in February.

Mineral revenue was N360.5 billion, indicating a decrease of N83.7 billion from the previous month, while non-mineral revenue was N120 billion, with an increase of N7 billion.

For the Excess Crude Account (ECA), Idris said the balance stood at 1.83 billion dollars from 2.3 billion dollars in the previous month.

The shared amount comprised the month’s statutory distributable revenue of N480.5 billion, VAT of N83.7 billion and Forex Equalisation of N62.52 billion.

Giving a breakdown of the distribution, he said N263.1 billion was allocated to the Federal Government, N167.5 billion to states and N126.29 billion was received by the local governments.

Speaking on the issue of reconciliation of accounts with the Nigerian National Petroleum Corporation (NNPC), Idris said it was ongoing.

“There is no public finance system that will be devoid of reconciliations at any time.

“So reconciliation is part of the order and in that particular instance, reconciliation that has started last month, continued this month and there is nothing new.

“We could not meet yesterday because we felt certain milestone has to be reached and on getting to those milestones, we sat today and have considered the figures for distribution.

“There was this gentleman agreement between FAAC and NNPC that whatever NNPC generates should be paid into the federation account and whatever expenses NNPC incurs, they should write to claim it.”

He said that as far as the operations of the NNPC was concerned, vis-a-vis the retirement of FAAC, these were issues being considered during the state level discussion and there would be reports when they had been sorted out.

He, however, said that the amount being expected from NNPC after the reconciliatory process was not confirmed and would not want to speculate.

“We do not talk on mere speculation or on hearsay, we have to wait for the amount to come and we pay to the last kobo.

“We know what will be distributed and that is accounting and that is public finance.

“We do not base our projections on speculations because there has to be factual data,” Idris said.

Text (excluding headline) NAN

 

Source News Express

Posted 27/04/2018 03:59:18 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Nigeria move up in February FIFA ranking

UN expresses shock over death of Nigerian asylum...

BREAKING NEWS: Business mogul, Alhaji Chanchangi, is dead

World Bank approves $2.1bn loan for 7 projects...

HAPPENING NOW: Ikpeazu floors Otti at Supreme Court,...

Geologists urged to investigate smoke emission of spring...

Buhari for medical attention in UK: Presidency

Sylva lobbies former aides for Buhari

NUT suspends strike as Bayelsa doles out N300m...

Senate gives NNPC one week to end fuel...

Election Sequence: CNPP knocks Buhari over withheld assent,...

Afenifere queries Buhari’s silence on $25bn NNPC contract...

 

Latest News Ebonyi to build International Airport Man kills sick brother to avoid paying medical bills INEC wants N6bn to feed policemen during 2019 polls Arewa youths back Saraki, cautions Oshiomhole on utterances Why we suspended consular services in Abuja — U.S. Embassy Police capture 20 suspected Zamfra bandits, recover arms SERAP sues NYSC over failure to publish Kemi Adeosun’s ‘exemption certificate’ 25 students killed in bomb blast Reps, INEC meet over 2019 general elections FEC approves N15.73 billion road project in Enugu El-Rufa’i presents N155bn 2019 budget for Kaduna Fake news aggravated recent National Assembly crisis — Minister

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (377,046 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (366,253 views) Shameless Genevieve Nnaji exposes breasts in public (295,938 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (241,599 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (222,297 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (216,959 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (192,351 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (174,529 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,510 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,048 views) Lagos plane crash: Journalist releases victims’ names (152,532 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (142,884 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,451) Business Verdict (48) Columnists (908) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (527) Features (632) Global Business Monitor (294) International (2,268) Interview (161) Live Commentary (28) Love Matters (134) News (38,028) Opinion (1,057) Pidgin (11) Politics (6,045) Religion (816) Sports (1,645) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Liverpool Destroying West Ham 4-0 - Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement