The Federal Government and other tiers of government shared the sum of N619.85 billion from the total revenue generated in February, representing an increase of about N9.49 billion over the distributions to the three tiers of government in the preceding month.
The Accountant-General of the Federation (AGF), Mr. Ahmed Idris, gave this hint on Wednesday while briefing journalists at the end of the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja.
Giving a breakdown of the revenue accrued in February, the AGF, who was represented by the Director of Funds in the Office of the AGF, Mr Mohammed Usman, disclosed that earnings from oil minerals source rose by N23.57 billion from the N326.52 billion in January to N350.09 billion in February.
However, he reported that earnings from the non-mineral sector dropped to N124.32 billion in February representing N46.27 billion decline from the N170 billion collections from the source in January.
According to him, crude oil sales increased to $574 million, representing 46 percent over the $425 million grossed in January.
The AGF clarified further: “Shut in and shut down persisted while some terminals remained closed due to leaks and maintenance. Petroleum Profit Tax increased significantly while Companies Income Tax recorded a marginal increase.
“Revenues from value added tax, oil royalty import and excise duties decreased in February, 2019,” he added.
On the distributions to the tiers of government, Idris said that the Federal Government got N223.15 billion, while the states and local governments got N113.18 billion and N87.26 billion respectively.
In addition, he confirmed that the oil producing states also got N45.09 billion, representing 13 percent of the mineral revenue collected during the month under review.
