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Wednesday, February 22, 2017

N465.149bn shared by FG, States and LGAs for January 2017

Nigeria's Minister of Finance
For the second straight time, the federal government has recorded increase in revenue generation. The Federation Account Allocation Committee (FAAC) on Tuesday shared the sum of N465.149 billion to the three tiers of government from the monthly federal allocations for the month of February. The figure is higher than the N400 billion that was shared in January.

The money includes the gross statutory distributable revenue of N324.990 billion, higher than N248.635 billion received in the previous month by N76.275 billion. Mineral revenue accounted for N203.515, while non-mineral resources brought in N121.475 billion. Permanent secretary in the ministry of finance, Alhaji Mahmoud Isa Dutse, who addressed reporters at the end of the meeting said the sum of N6.330 billion was refunded by the Nigerian National Petroleum Corporation (NNPC) to the federal government.

There is also the exchange gain of N48.371 billion which was also proposed for distribution, while the sum of N60.850 billion came in as revenue from Petroleum Profit Tax account. Nigeria recorded a revenue increase of N74.91 million in federation export sales due to a rise in crude oil export volume by 1.490 million barrels and an increase in the average price of Crude Oil from $47.30 to $49.57 per barrel during the period under review.

A breakdown of the communiqué that was issued at the end of the meeting yesterday showed that the federal government got N133.192 or 52.68 per cent of the total allocation while, the States received 26.72, representing N67.557, which is N13.913 higher than last months’.The 774 local governments of the federation got N52.083 or 20.60 per cent of the distributable revenue from which 13 per cent, representing N20.620 billion derivations was shared among the oil and other mineral resources producing states across the country.

The country has a balance of $2.458 billion in its Excess Crude Account(ECA).

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