A total of N610.36 billion was shared between the Federal, states and Local Governments on Wednesday, the Accountant-General of the Federation, Mr. Ahmed Idris has said.
The revenue was generated in January but was shared in February, 2018.
Addressing a press conference after the monthly Federation Accounts Allocation Committee, FAAC, meeting in Abuja, on Wednesday, Idris said the Minister of Finance, Mrs. Zainab Ahmed, was yet to give approval for the additional N50 billion from the Foreign Exchange Equalisation Account, which would also be distributed in line with existing sharing formular.
He disclosed that Nigeria’s Excess Crude Account ECA, currently stands at $249 billion.
A communiqué issued at the end of the meeting revealed that in January the federation crude oil sales increased by 2.4 million barrels, resulting in increased federation revenue by $149.94 million, in spite of a drop in price of crude oil from $81.06 to $75 per barrel.
Oil royalty, import and excise duties witnessed a substantial increase while Companies Income Tax CIT and Petroleum Profit Tax PPT decreased marginally in the month under review.
Also, a gross revenue of N505.24 billion was received in January, a figure lower than the N547.46 billion received in the previous month by N42.216 billion.
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“The gross revenue from Value Added Tax (VAT) is N104.46 billion as against N100.76 billion distributed in the previous month, resulting in an increase of N3.708 billion.
“From the total gross revenue from VAT, the Federal Government received N15.04 billion, the states received N50.14 billion, while the LGAs received N35.10 billion and the revenue generating agencies received N1.17 billion,” it stated.
The communiqué further revealed that the Federal Government received N252.41 billion, the states received N170.54 billion, while the local government areas (LGAs) received N127.923 billion.
Oil producing states received N41.99 billion as 13 percent derivation revenue, while the revenue generating agencies received N17.50 billion as cost of revenue collection.
