Written by Sarah NEGEDU

Federal allocation drops by .32% in March

Federal allocation to the three tiers of government dropped by 0.32percent, as the Federation Account Allocation Committee distributed N617.56billion as allocations for the month of March.

The amount represented a decrease of N2.19billion when compared to the N619.85billion allocated in the month of February.

The Accountant - General of the Federation, Ahmed Idris, gave the figure while speaking shortly after the meeting, which was held at the headquarters of the Ministry of Finance.

He said that the gross statutory revenue received for the reference month was N446.647billion, which is lower than the N478.434billion received in the previous month by N31.787 billion.

Also, the revenue generated from the Value Added Tax was also dropped from the N96.389 billion generated from previous month, to N92.181billion. There was also N653million from Exchange Gain, N13.085 billion from Forex Equalization; N55.000billion from Good & Valuable Consideration as well as N10.000billion added by NNPC. These therefore, brought the total revenue distributable for the current month to the sum of N617.566billion.

Giving a breakdown of the allocation, Idris said the Federal Government received N257.75billion, states got N168.25billion and Local Government Councils got N126.57billion.

In addition, he said the sum of N49.82bn was distributed among the oil producing states based on the 13 per cent derivation principle.

In spite the drop in the amount distributed, the AGF explained that during the period, federation crude oil export sales increased by about 49.18 percent due to the increase in lifting volume.

This, he stated, resulted in increased federation revenue of about $240.23million.

He said the average crude oil price increased from $63.62 to $79.06 per barrel during the period.

However, lifting operations were adversely affected by production shut -in and shut -down at various terminals due to technical issues, leaks and maintenance.

The country also recorded a remarkable increase in revenue from oil royalty, import and excise duties, while petroleum profit tax and company income tax decreased significantly.

The AGF put the balance in Excess Crude Account at $ 183 m as of April 25.

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