Abuja - The Federation Account Allocation Committee (FAAC) has shared
N634.72 billion to the Federal Government, states and local governments as
revenue for April.
The Accountant-General of the Federation (AGF), Jonah Otunla, made this
known while briefing newsmen on the outcome of the FAAC meeting held on
“The distributable statutory revenue for the month is N533.75 billion, which
is less than the N534.91 billion that was shared for the month of March.
“In addition, the sum of N35.55 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 N65.43 billion is N634.72 billion,’’ he said.
A breakdown of the distribution showed that the Federal Government received
N249.06 billion, representing 52.68 percent; states, N126.33 billion or
26.72 percent and local governments, N97.39 billion or 20.6 percent.
Otunla added that N55.2 billion was shared among the oil producing states as
13 percent derivation revenue.
On VAT, he said that the gross revenue collected in April was N65.43 billion
as against N63.31 billion distributed in March, representing an increase of
He said that the mineral revenue collected for April was N474.88 billion, a
sum less than the N519.99 billion realised in March. The drop in revenue from
the sector was N45.11 billion.
He attributed the decline in the oil revenue collection to production
shut-in at Qua Iboe and Yoho terminals, shutdown of Forcados and Bonny
terminals and repair works on Bonny and Brass Terminals due to oil theft
The AGF said that the non-mineral revenue collected during the period was
N109.27 billion, which showed an increase of N14.90 billion from the N94.37
billion collected in March.
He also said that N50.41 billion was transferred to the nation's Excess
Crude Account during the month compared with N79.45 billion that was
transferred in the previous month.
Meanwhile, the Chairman of Finance Commissioners Forum, Timothy Odah, said
that work by the committee commissioned by FAAC to investigate issues about
petroleum subsidy was still ongoing.
Odah said that the forum was determined to ensure that subsidy on petroleum
products was removed by the Federal Government.
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