The Federation Accounts Allocations Committee (FAAC) on Wednesday distributed the sum of N701.022 billion to the three tiers of government for the month of April.
Giving this hint during the committee’s post-meeting media chat in Abuja, the Permanent Secretary in the Ministry of Finance, Mahmoud Isa Dutse, attributed the increase in the shared sum to the tiers of government to improvement in revenue accruals to the Federation Account during the month.
Specifically, he linked the rising global oil prices following the stand-off between US and Iraq on the one hand and the trade war between China and the US on the other hand, to the improved revenue
According to him, the gross statutory revenue distributed was higher than the N480.559 billion received the previous month by N132.458 billion
A breakdown of the figures showed that the Federal Government got N276.535 billion compared to the states’ N140.262 billion while the local governments shared N108.136 billion.
In addition to the normal shares, the oil producing states also got N49.756 billion, being the 13 per cent derivation from mineral resources. The NNPC was reported to have refunded N11.269 billion while the cost of collection/Transfer/Federal Inland Revenue Service (FIRS) refund totalled N38.368 billion.
Dutse also disclosed that for the first time in many months, the Committee remitted the sum of N24.5 billion to the Excess Crude Account (ECA), thereby raising the ECA savings to $1.99 billion. The Petroleum Profit Tax (PPT) now stands at $0.133 million.
He explained that all the revenue lines recorded increase, especially remittances from the FIRS.
Commenting during the media briefings, the Chairman of Finance Commissioners Forum, Mahmoud Yenusa, said that the states were discussing with the Federal Government on how to review the revenue sharing formula.
