Federation Account Allocation Committee (FAAC) on Wednesday decided distributed total of N619.857 billion to the three tiers of government for the month February 2019.
A communiqué read by Director of Funds, Office of Accountant General of the Federation (OAGF), Mr Muhammed Usman meeting indicated that the gross statutory revenue received was N478.434 billion, which is lower than the N505.246 billion received in the previous month by N26.812 billion.
Federation Crude Oil Export sales increased by about 46 per cent resulting in increased Federation Revenue from $425.00 million previously to $574.95 Million.
The shortfall was attributed to shut-in and shut-down of some oil terminals while a number of other terminals remained closed due to leaks and maintenance purpose.
Petroleum Profit Tax (PPT) increased significantly while Companies Income Tax (CIT) recorded a marginal increase.
Revenues from Value Added Tax (VAT), Oil Royalty, Import and Excise Duties decreased in February, 2019.
Distributable statutory Revenue for the month is N478.434 billion.
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Total distributable revenue for the current month (including VAT, exchange gain, excess bank charges recovered and forex equalization) is N619.857 billion.
Federal Government received N257.681 billion representing 52.68 per cent; states got N169.925 billion representing 26.72 per cent; local government councils received N127.722 billion representing 20.60 per cent.
The eight oil-producing states received N50.946 billion representing 13 per cent derivation revenue.
Usman also disclosed that balance in the excess crude account as at March 27 was $183 million.
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