Nigeria’s Federation Account Allocation Committee has distributed a total of N617.56 billion (about $2.024 billion) to the three tiers of government as allocations for the month of March.
Mr. Ahmed Idris, Accountant-General of the Federation, told journalists after the meeting on Tuesday in Abuja that the figure represented a drop of N2.19 billion when compared to N619.85 billion allocated in the month of February.
He said that the Federal Government received N257.75 billion, while states got N168.25 billion and Local Government Councils got N126.57 billion.
Idris added that N49.82 billion was distributed among the oil producing states based on the 13 percent derivation principle.
He explained that the federation crude oil export sales increased by about 49.18 percent during the period due to the increase in the volumes lifted and this resulted in increased federation revenue of about $240.23 million.
According to him, the average crude oil price increased from $63.62 to $79.06 per barrel during the period and that crude oil lifting operations were adversely affected by production shut-in and shut-down at various terminals due to technical issues, leaks and maintenance.
Idris added that there was also a remarkable increase in revenue from oil royalty, import and excise duties, while petroleum profit tax and company income tax decreased significantly.
The Federation Account Allocation Committee shares the revenues earned by the Nigerian government from crude oil sales, port charges and taxes among the three tiers of government monthly in line with the agreed formula for the payment of workers’ salaries and other recurrent expenditures.
GIK/APA