FG, states, LGs share N619bn

The Federation Accounts Allocation Committee on Wednesday distributed the sum of N619.85bn to the three tiers of government.

The amount was shared from the statutory revenue generated in the month of February, and other sources.

Addressing journalists shortly after the meeting which was held at the headquarters of the Ministry of Finance, the Director of Funds in the Office of the Accountant-General of the Federation, Mohammed Usman, put the gross statutory revenue received for the month at N478.43bn.

This, he stated, was N26.81bn lower than the N505.24bn received in the previous month.

He said during the month, the federation crude oil export sales increased by about 46%, which resulted in increased federation revenue from $425m previously to $574.95m.

Shut-in and shut-down, he said, persisted while some terminals remained closed due to leaks and maintenance.

Usman added that Petroleum Profit Tax increased significantly while Companies Income Tax recorded a marginal increase.

He said from the total distributable revenue for the month of February, the Federal Government received N257.68bn representing 52.68%, states got N169.92bn representing 26.72%; while local government councils got N127.72bn representing 20.60 per cent.

In addition, Usman said, the oil producing states received N50.94bn which was about 13% derivation revenue, while N13.58bn was given to revenue generating agencies as cost of revenue collection.

He put the balance in the Excess Crude Account as of March 27 at $183m.