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FG, States, LGs share N467.8bn in March

The gross statutory revenue rose by about 14.28 per cent as the three tiers of the Nigerian government shared a total of N467.81 billion for March.

At the end of the Federation Accounts Allocation Committee, FAAC, meeting in Abuja, the Accountant General of the Federation, AGF, Ahmed Idris, said gross revenue for the month was about N331.6 billion, against N290.16 billion realised the previous month.

Mr. Idris said the figure was about N41.42 billion, or 14.28 per cent more than what was realised in February.

Despite the increase in average unit crude oil price from $44.74 per barrel to $52.86, the AGF said the federation export sales dropped by about $6.4 million.

He attributed the drop in crude oil revenue to the decrease in crude oil export volume, with production suffering significant cuts during the period, due to leakages in pipelines.

The leakages followed sabotage activities in the Niger Delta, shut down of export terminals for routine turn around maintenance, TAM and force majeure declared at Forcados and Brass terminals.

The AGF said significant revenue increases came from oil royalty, companies income tax, CIT, import and excise duties and value added tax, VAT.

Details of the distributable revenue included statutory revenue of N299.9 billion; N6.33 billion refund by the Nigerian National Petroleum Corporation, NNPC, to the Federal Government for the N450 billion unremitted oil revenue since 2011; excess petroleum profit tax, PPT of N22.26 billion and exchange gain of N66.97 billion.

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