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FG, states, LGs share N641.299b in February

14 March 2014, 15:21

Abuja - The Federal Government, states and local governments on Thursday shared N641.2 billion from the Federation Account for February.

The Accountant-General of the Federation (AGF), Jonah Otunla, made the disclosure in Abuja when he addressed newsmen on the outcome of the Federation Account Allocation Committee (FAAC) meeting.

“The distributable statutory revenue for the month is N531.332 billion, which is N27.647 billion more than the N503.685 billion that was shared for the month of January.

“Also distributed is the sum of N7.617 billion refunded by the NNPC to be shared to states and local governments.

In addition, the sum of N35.549 billion is proposed for distribution under the SURE-P Programme.

“So the total revenue distributable for the current month, including Value Added Tax (VAT) of N66.801 billion is N641.299 billion,’’ he said.

A breakdown of the distribution showed that the Federal Government received N247.533billion, representing 52.68 percent; states,  N125.552 billion, representing 26.72 percent, while local governments received N96.795 billion, amounting to 20.60 percent.

Otunla added that N56.384 billion, representing 13 percent derivation revenue was shared among the oil producing states.

On VAT, the AGF said that the gross revenue collected in February was N66.801 billion as against N82.277 billion distributed in January representing a decrease of N15.476 billion.

He said that the mineral revenue collected for February was N569.136 billion, more than the N439.562 billion realised in January making a different of N129.574 billion.

He stated that non-mineral revenue collected during the period under review was N97.609 billion.

The figure he added showed reduction of N3.699 billion from the N101.308 billion that was collected in January.

Otunla said that N135.413 billion was transferred to the nation's Excess Crude Account (ECA), thereby bringing the total in the account of ECA to $3.456 billion.

He said that oil revenue for February was impressive in spite the problems such as shutdown of some terminals either because of pipelines leakage or fire outbreak being encountered in the oil sector.

He said that the Nigerian Petroleum Development Company made an exceptional deposit of N82 billion which he noted helped to boost the revenue for the month under review.

-    NAN

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