FAAC disburses N701bn to FG, states, LGs in April

The Federation Accounts Allocation Committee (FAAC) said it has disbursed a total sum of N701.022 billion to Federal Government, states, and Local Government as federal allocation for the month of April, 2018.

The Permanent Secretary, Ministry of Finance, Mahmoud Isa-Dutse, disclosed this while reading out the details of the communiqué to journalists after the FAAC meeting on Wednesday in Abuja.

Giving a breakdown of the revenue accrued in April, the Permanent Secretary said mineral revenue increased by N50.7 billion, that is from N360.51 billion in March to N411.2 billion in April.

He added that non-mineral revenue also increased by N81.25 billion, from N120 billion in March to N201.3 billion in April.

He noted that Value Added Tax (VAT) collected increased from N80.35 billion in March to N83.4 billion in April.

According to him, “gross statutory revenue of N613 billion received for the month was higher than the N480.59 billion received in previous month by N132.45 billion.

“Crude oil sales volume increased by 64 per cent, compared with 7.72 million barrels from the previous month, resulting in increased revenue from the Federation Crude Oil Export Sales by 226.90 million dollars.

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“Also, average crude oil price increased from 65.7 dollars to 66.78 dollars per barrel.

“Performance for the month in review would have been better but for a few production shut-ins and shut-downs at various terminals for repairs and maintenance.”

He said looking at the significant increase in revenues, the federal, states and local government decided to save some of the month’s revenue for the rainy day.

To this end, the permanent secretary said, N24.5 billion would be converted and added into the dollars denominated Excess Crude Account.

“Based on increased revenue for the month and after due consultation, it has been decided that we will take out N24.5 billion and credit it into the Excess Crude Account.

“This brings the Excess Crude Oil Account balance to 1.11 billion dollars and the Excess Petroleum Profit Tax Account is 0.133 billion dollars,” he said.

In summary, Isa-Dutse said, N276.53 billion was allocated to Federal Government, N140.2 billion to states and N108.1 billion was allocated to local governments.

 

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