FG, States, LGs Share N626.8bn

The Federal Government, states and local governments shared N626.8 billion for the month of April.
The Accountant-General of the Federation (AGF),Ahmed Idris, said this yesterday in Abuja, while briefing journalists on the outcome of the Federal Account Allocation Committee (FAAC) meeting.
Giving a breakdown of the revenue accrued in March, Mr 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 maintenance.
“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 marginal increases.
“Value Added Tax (VAT) decreased slightly but there was a significant drop in income from Petroleum Profit Tax (PPT).’’
He said N83.7 billion was received from VAT, showing a decrease of N5.74 billion as against N89.4 billion received in February.
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.