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Published On: Thu, Mar 13th, 2014

FG, states, LGs share N641.299bn for February

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pie-chart-512By Etuka sunday

The Federal Government, states and local governments yesterday shared N641.229 billion as monthly allocation for February from the Federation Account.

This was disclosed by the Accountant-General of the Federation (AGF), Mr Jonah Otunla shortly after the Federation Account Allocation Committee (FAAC) meeting.

Otunla said, “The distributable statutory revenue for the month is N531.332 billion, which is N27.647 billion more than the N503.685 billion that was shared for the month of January.

“Also distributed is the sum of N7.617 billion refunded by the NNPC to be shared to states and local governments. In addition, the sum of N35.549 billion is proposed for distribution under the SURE-P

Programme.

“So the total revenue distributable for the current month, including Value Added Tax (VAT) of N66.801 billion is N641.299 billion,’’ he said.

Giving the breakdown he said that the Federal Government received N247.533billion, representing 52.68 per cent; states, N125.552 billion, representing 26.72 per cent, while local governments

received N96.795 billion, amounting to 20.60 per cent.

He added that N56.384 billion, representing 13 per cent derivation revenue was shared among the oil producing states.

On VAT, the AGF said that the gross revenue collected in February was N66.801 billion as against N82.277 billion distributed in January representing a decrease of N15.476 billion.

He said that the mineral revenue collected for February was N569.136 billion, more than the N439.562 billion realised in January making a different of N129.574 billion.

He stated that non-mineral revenue collected during the period under review was N97.609 billion.

The figure he added showed reduction of N3.699 billion from the N101.308 billion that was collected in January.

Otunla said that N135.413 billion was transferred to the nation’s Excess Crude Account (ECA), thereby bringing the total in the account of ECA to 3.456 billion U.S dollars.

He said that oil revenue for February was impressive in spite the problems such as shutdown of some terminals either because of pipelines leakage or fire outbreak being encountered in the oil sector.

He said that the Nigerian Petroleum Development Company made an exceptional deposit of N82 billion which he noted helped to boost the revenue for the month under review.

Otunla said that the other matters discussed at the meeting was the issue of oil subsidy which resulted in a 12-man committee to look into the issue.

He said that the committee consisted of six Accountants-General of states and six state commissioners for finance and was expected to conduct the investigation and submit its report at the next meeting of the committee.

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