FAAC: Federation revenue declines by N19.6bn in January — Official

The Federal, States and Local Governments on Thursday shared N635.55 billion as revenue generated in January which showed a decline of N19.6 billion when compared to what was generated in December .

The Accountant-General of the Federation, Mr Ahmed Idris, while briefing newsmen in Abuja on the outcome of the monthly FAAC meeting, highlighted several factors that impacted negatively on the month’s income.

“Operational challenges caused a decrease in crude oil export by 0.36 million barrels which reduced revenue from export sales for the federation by 113.86 million dollars.

“However, the average price of crude oil increased from 56.83 dollars to 57.71 dollars per barrel during the period.

“Other major issues that impacted negatively on operations were the shut-ins and shut-downs of production at various terminals for repairs and the Force Majeure declared at Bonny Terminals,” he said.

Idris said that the income from Petroleum Profit Tax and Companies Income Tax also decreased in the month under review.

He said that there was however, significant increase from oil royalty, Value Added Tax (VAT) while revenues from Import Duty increased marginally.

Giving a breakdown of the revenue generated, Idris said that N404.79 billion was generated as mineral revenue while N134.11 billion came from non-mineral revenue.

To this end, Idris said that Federal Government received N249.3 billion, States, N126.48 billion and the Local Governments, N97.51 billion.

He said that N52.04 billion was also shared among the oil producing states, representing 13 per cent of the oil revenue generated in the month of January.

Idris said the balance in the Excess Crude Account (ECA) still remained 2.317 billion dollars while the balance in the Excess Petroleum Profit Tax account stood at 133 million dollars.