The Federation Accounts Allocations Committee (FAAC) distributed the sum of N701.022 billion to the three tiers of government for the month of April.
Briefing journalists after the monthly FAAC meeting on Wednesday, in Abuja, the Permanent Secretary in the Ministry of Finance, Mahmoud Isa Dutse, who represented the minister of Finance, Mrs. Kemi Adeosun attributed the increase to the improvement in the price of crude oil globally.
Recall that global oil price is close to $80 per barrel following the dispute between US and Iraq on the one hand and the trade war between China and the US on the other hand. According to the Permanent Secretary, the gross statutory revenue distributed was higher than the N480.559 billion received in the month of March by N132.458 billion.
A breakdown of the figures showed that the FG got N276.535 billion, the States went home with N140.262 billion while the Local Governments took N108.136 billion. Also distributed to the oil producing States was the 13 per cent derivation mineral derivation of N49.756 billion and the NNPC refund of N11/269 billion. Added to that is the cost of collection/Transfer/FIRS refund of N38.368 billion.
After several years, the Committee (FAAC), remitted the sum of N24.5 billion to the Excess Crude Account (ECA), leading to the ibcrease of the ECA to $1.99 billion. According to Mr. Isa Dutse, all the revenue lines recorded increase, especially remittances coming from the FIRS. On his part, Chairman, Commissioners Forum, Mahmoud, while acknowledging the increase said that the increase was less than the committee’s target of N1 trillion.
He added that the states were discussing with the federal government on how to review the revenue sharing formula. Meanwhile, the Petroleum Profit Tax (PPT) now stands at $0.133 million.