FAAC: Federation revenue shrinks by N52.1 billion in April
The Federation Account Allocation Committee (FAAC) on Tuesday shared N415.7 billion, which is N52.1 billion less than what the three tiers of government shared as revenue for March.
The Accountant-General of the Federation, Mr Ahmed Idris, who represented the Minister of Finance, Mrs Kemi Adeosun, told journalists in Abuja that the N415.7 billion was distributed under four sub-heads.
“The distributable revenue for the month is N272.1 billion. The sum of N6.33 billion was refunded by NNPC. There is also a proposed distribution of N20.42 billion from the excess Petroleum Profit Tax.
“Also, exchange gain of N38.5 billion is proposed for distribution. Therefore, the total revenue distributable for the current month, including VAT of N81.2 billion is N415.7 billion”, she said.
Adeosun said government generated N177.7 billion as mineral revenue, which showed a reduction of N50 billion from the N228.5 billion generated in March.
Similarly, in April, the non-mineral revenue also reduced by N6.6 billion, from the N103 billion the country generated in March.
The minister said after deducting cost of collections to the revenue generating agencies, the federal government got N124.4 billion, states N63.1 billion and local government councils N48.7 billion.
Watch also: Reps move to create Federal Polytechnic in Plateau
In addition, she said N22 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 stands 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.
Adeosun said that despite government effort, crude oil production still suffered setbacks. She said there were continued leakages arising from sabotage of oil pipelines.
Earlier, the minister assured Nigerian of a brighter future noting that all the indicators are now pointing Northward. according to her, the positive change is a reflection of the administrations commitment to a better Nigeria.
The Chairman, Forum of Finance Commissioners in Nigeria, Mr Mahmoud Yunusa while addressing business correspondents said states were also committed to increasing their internally generated revenue in line with the federal government’s recovery and growth plan.
Hon. Mahmoud expressed his optimism of an improve revenue disbursement in the month of June owing the the improved oil production, which is premised on improved security in the Niger Delta region.
He however, decried the low allocation, saying that it may not be enough for some states to pay their salaries.
Subscribe to our mailing list and get interesting stuff and updates to your email inbox.
Thank you for subscribing.
Something went wrong.