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Title : Full Details of the Latest Sharing Formula After Federation Account Allocation Committee Meeting in Abuja
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Full Details of the Latest Sharing Formula After Federation Account Allocation Committee Meeting in Abuja

While speaking with journalists in Abuja on Tuesday, the Accountant-General who represented the Minister of Finance, revealed the latest sharing formula after FAAC meeting.

The Federation Account Allocation Committee (FAAC) on Tuesday shared N415.7 billion, which is N52.1 billion less than what the three tiers of government shared as revenue for March.

The Accountant-General, Mr Ahmed Idris, who represented the Minister of Finance, Mrs Kemi Adeosun, told journalists in Abuja that the N415.7 billion was distributed under four sub-heads.

“The distributable revenue for the month is N272.1 billion. The sum of N6.33 billion was refunded by NNPC. There is also a proposed distribution of N20.42 billion from the excess Petroleum Profit Tax.

“Also, exchange gain of N38.5 billion is proposed for distribution. Therefore, the total revenue distributable for the current month, including VAT of N81.2 billion is N415.7 billion”, she said.

Adeosun said government generated N177.7 billion as mineral revenue, which showed a reduction of N50 billion from the N228.5 billion generated in March.

Similarly, in April, the non-mineral revenue also reduced by N6.6 billion, from the N103 billion the country generated in March.

The minister said after deducting cost of collections to the revenue generating agencies, the federal government got N124.4 billion, states N63.1 billion and local government councils N48.7 billion.

In addition, she said N22 billion was given to the oil producing states based on the 13 per cent derivation principle.

On the balance of the excess crude account, the minister said the account currently stands at 2.45 billion dollars.

Despite the increase in revenue generated for the month, the federal government drew attention to the decrease in crude oil export volume.

Adeosun said that despite government effort, crude oil production still suffered setbacks.

She said there were continued leakages arising from sabotage of oil pipelines.

Also, the Chairman, Forum of Finance Commissioners in Nigeria, Mr Mahmoud Yunusa said states were also committed to increasing their internal revenue generation in line with the federal government’s recovery and growth plan.

He decried the low allocation, saying that it may not be enough for some states to pay their salaries.

-NAN

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