FG, States, others Share N617.5bn as Revenues for March
ahmed idris

The Accountant-General of the Federation, AGF, Mr. Ahmed Idris, on Tuesday said the Federal Government shared N617.56 billion as revenue generated in March to the three tiers of government.

The amount showed a shortfall of N2.29 billion from what was shared in February.

He made this known while addressing journalists at the end of the Federation Accounts Allocation Committee, FAAC, monthly meeting in Abuja.

Giving a breakdown of the revenue generated in March, Idris said that the revenue from mineral reduced by N41.65 billion, dropping from N350.09 billion in February to N308.4 billion in March.

On the other hand, the non-mineral revenue rose by N13.88 billion, from N124.3 billion in February to N138.2 billion in March.

The AGF said that in March, the federation crude oil sales increased by 49.18 per cent, leading to increased federation revenue of about 240.23 million dollars.

He explained further: “Also, the average crude oil price increased from 63.62 dollars to 79.06 dollars per barrel.

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“Lifting operations were adversely affected by production Shut in and Shut down at various terminals due to technical issues, leaks and maintenance.

“Revenues from Oil Royalty, import and Excise duties increased remarkably while Petroleum Profit Tax decreased marginally.”

Giving further details on how the money was shared, Idris said that the Federal Government received N208.39 billion while the states and local governments got N105.7 and N81.49 billion respectively.

In addition, 13 per cent of the mineral revenue amounting to N39.59 billion was shared to oil producing states.

The AGF noted that as at April 25, the Excess Crude Account, ECA, had 183 million dollars left in it after withdrawals were made to procure some Military hardware.

On the Implementation of the new minimum wage, he said it had technically commenced; therefore arrears would be paid once its cash backed.

Meanwhile, the Chairman, Commissioners of Finance Forum, Mr. Mahmoud Yunusa said the Forum had appointed the Commissioner of Finance, Kogi state as acting Head of the Forum till the incoming state governors appoint new commissioners.