The Federal Government, States and Local Governments shared N626.8 billion for the month of April.
Mr Ahmed Idris, the Accountant-General of the Federation
(AGF), said this on Thursday in Abuja, while briefing newsmen on the outcome of the Federal Account Allocation Committee (FAAC) meeting.
Giving a breakdown of the revenue accrued in March, Idris said
N480.59 billion was received as gross statutory revenue, lower
than N557.94 billion received in March by N77.34 billion.
He said the reduction in revenue was due to a decrease in the
crude oil export sales by 13 per cent when compared to 5.42
million barrels from the previous month.
“The issues that negatively affected production were the Shut-
ins and Shut-downs at various terminals for repairs and
“This resulted in reduced revenue from federation crude oil
exports sales by 33.58 million dollars.
“However, the average crude oil price increased from 63.08
dollars to 65.72 dollars per barrel.
“There was a considerable rise in oil royalty for the month, while
Companies Income Tax (CIT) and Import Duty recorded
“Value Added Tax (VAT) decreased slightly but there was a
significant drop in income from Petroleum Profit Tax (PPT).’’
He said that N83.7 billion was received from VAT, showing a
decrease of N5.74 billion as against N89.4 billion received in
Mineral revenue was N360.5 billion, indicating a decrease of
N83.7 billion from the previous month, while non-mineral
revenue was N120 billion, with an increase of N7 billion.
For the Excess Crude Account (ECA), Idris said the balance
stood at 1.83 billion dollars from 2.3 billion dollars in the
The shared amount comprised the month’s statutory
distributable revenue of N480.5 billion, VAT of N83.7 billion and
Forex Equalisation of N62.52 billion.
Giving a breakdown of the distribution, he said N263.1 billion
was allocated to the Federal Government, N167.5 billion to
states and N126.29 billion was received by the local
Speaking on the issue of reconciliation of accounts with the
Nigerian National Petroleum Corporation (NNPC), Idris said it
“There is no public finance system that will be devoid of
reconciliations at any time
“So reconciliation is part of the order and in that particular
instance, reconciliation that has started last month, continued
this month and there is nothing new.
“We could not meet yesterday because we felt certain milestone
has to be reached and on getting to those milestones, we sat
today and have considered the figures for distribution.
“There was this gentleman agreement between FAAC and
NNPC that whatever NNPC generates should be paid into the
federation account and whatever expenses NNPC incurs, they
should write to claim it.’’
He said that as far as the operations of the NNPC was
concerned, vis-a-vis the retirement of FAAC, these were
issues being considered during the state level discussion and
there would be reports when they had been sorted out.
He, however, said that the amount being expected from NNPC
after the reconciliatory process was not confirmed and would
not want to speculate.
“We do not talk on mere speculation or on hearsay, we have to
wait for the amount to come and we pay to the last kobo.
“We know what will be distributed and that is accounting and
that is public finance.
“We do not base our projections on speculations because there
has to be factual data,’’ Idris said.