FAAC: FG,States, LGAs share N467.807bn as allocation for April

By Etuka Sunday The Federation Account Allocation Committee ( FAAC) has approved for sharing to three tires of government, the sum of N467.807 billion as allocation for the month of April. The sum is higher compared to last month's FAAC allocation figure of N429.129 billion. The Accountant General of Federation( AGF) Alhaji Ahmed Idris confirmed the figures yesterday in Abuja while briefing newsmen on the outcome of the plenary session. He said put the statutory revenue received during the month under review at N331.583 billion, an amount higher than N290.163 billion received in previous month by N41.420 billion. According to him, " Despite the increase in the average unit price of crude oil per barrel from $44,74 to $52,86, the revenue from federation exports sales dropped due largely to leakages in the pipelines arising from sabotage , shut down of terminals for Turn Around Maintenance( TAM) and Force Majeur declared at forcados and brass terminals that were still in place", he said. Nonetheless, AGF noted that, there was a noteworthy increase in revenue from oil royalty just as there were also, significant increases recorded in revenue from Company Income Tax(CIT), import and excise duties and Value Added Tax( VAT). Of N 284.252 billion being the net statutory allocation approved for sharing, federal government got the highest chunk in the sum of N136.507 billion, states got N69.238 billion while local government councils collectively would be sharing N53.380 billion. Oil producing states have N25.127 billion as their share of 13% derivation. The balance in Excess crude Account is put at $2.497 billion while the sum of N6.330 billion was refunded by Nigeria National Petroleum Corporation( NNPC) as refund to the federation account. Commenting on improved allocation for the month, Chairman , Commissioners of finance forum and Adamawa state commissioner of finance, Mahmoud Sali Yunusa described the figure as " the way to go". " By next month, the figure will increase . The oil price looks promising and the government is committed and determined to sustain the peace in Niger Delta region", he added. brought to you by Mr Olumide's Blog MOB