The Federal Account Allocation Committee has disbursed the sum of N619.857 billion as the Federal Allocation for February for the three tiers of government, namely; Federal, States, and Local Governments.
In a communique issued by the Technical Sub-committee of FAAC indicated that the gross statutory revenue received was about N478.343 billion was lower than the N505.246 billion received last month by N26.812.
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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.
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“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.”
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www.sojworld.com (c) March 28, 2019
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