FG, States, Local govts share N647bn

Minister of Finance Kemi Adeosun

Minister of Finance Kemi Adeosun

Meanwhile, the Accountant General of Federation on Wednesday signed the mandates for the Central Bank of Nigeria to pay the approved revenue allocation into the accounts of the Federal, State and Local Governments.

Statutory revenue accounted for N557.943 billion of the total revenue distributed on Wednesday while Value Added Tax accounted for the balance of N89.447 billion.

According to him, whatever additional funds come into the federation's account after the reconciliation will be shared by the three tiers of government as soon as possible in accordance with the revenue sharing formula.

It followed days of angling over receipts into the Federation Account, which the state Commissioners of Finance initially rejected and insisted that the Nigerian National Petroleum Corporation (NNPC) must pay more oil revenue into the account.

"The statutory revenue of N557.943 billion received for the month was higher than the N538.908 billion received in the previous month by N19.035 billion".

Giving further breakdown of the revenue distribution, the Finance Minister said the Federal Government received N257.927 billion of the net statutory revenue as against the N249.366 billion received in the previous month, while the State and Local Governments' share of the statutory revenue was N130.824 billion and N100.86 billion, respectively. Furthermore, significant increases were recorded in Petroleum Profit Tax (PPT) while revenues from Import Duty, Companies Income Tax (CIT) and Value Added Tax (VAT) decreased considerably in the month under review.

The communiqué further explained that there was an increase in the average price of crude oil from $57.71 to $63.08 per barrel and an increase in export sales of 2.8 million barrels which resulted in increased revenue from export sales of $194.39 billion.

"However, production still suffered shut-ins and shut-downs at various terminals for repairs and remittance", the AGF said.

"Some issues have been raised by the states on the revenue paid into the Federation Account by NNPC".

Idris had confirmed the inconclusiveness of the Tuesday meeting during a media briefing shortly after the gathering, which was held at the headquarters of the Ministry of Finance. And we must always verify our figures to the last kobo, failing which we will be committing illegality and unconstitutionality. "The reconciliation of the revenue figures is part of a healthy process to ensure transparency and accountability", Adeosun said. There are issues that we would take up with NNPC but those issues notwithstanding, we should go ahead and conclude the meeting. "And the committee is of the opinion that until and unless these figures are reconciled, corrected, verified and are factual, we can not distribute the revenue as the case is".

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