FAAC: Federation account records N38.7bn increase

The Federation Account Allocation Committee (FAAC) on Tuesday shared N467.8 billion.
This is N38.7 billion more than what the three tiers of government shared in March.
The Accountant-General, Mr Ahmed Idris, who represented the Minister of Finance, Mrs Kemi Adeosun, told journalists in Abuja that the N467.8 billion was distributed under four distributable sub-heads.
“The distributable revenue for the month is N299.93 billion. The sum of N6.33 billion was refunded by NNPC.
“There is also a proposed distribution of N66.96 billion from the excess Petroleum Profit Tax.
“Also, exchange gains of N22.25 billion is proposed for distribution, therefore the total revenue distributable for the current month, including VAT of N78.65 billion is N467.8 billion,” she said.
Adeosun also said that the government generated N228.54 billion as mineral revenue, an increase of N16.94 billion from what was generated in February.
Similarly in March, the non-mineral revenue also increased by N24.47 billion, from the N78 billion the country generated in February.
The minister said after deducting cost of collections to the revenue generating agencies, the Federal Government got N136.5 billion, states N69.23 billion and local government councils N73.26 billion.
In addition, she said the sum of N18 billion was given to the oil producing states based on the 13 per cent derivation principle.
On the balance of the excess crude account, the minister said the account currently stood at 2.45 billion dollars.
Despite the increase in revenue generated for the month, the Federal Government drew attention to the decrease in crude oil export volume.
She said that crude oil export sales dropped by 6.4 million dollars.
She also said that the oil revenue for the month also suffered from continued leakages of oil pipelines arising from sabotage of oil pipelines.
The Chairman of Forum of Finance Commissioners in Nigeria, Mr Mahmoud Yunusa, spoke on the increase in the allocation and what it meant to states.
“Oil prices is looking very promising and the Federal Government will do everything to ensure continued peace in the Niger-Delta,” he said.