Federation Account Allocation Committee, FAAC, yesterday rose from its monthly meeting in Abuja to declare grand total sum of N345.095 billion for distribution to the federal, states and local governments.
The amount shared among the three tiers of government is N25.293 billion less that than N370.388 billion distributed in January.
Chairman of FAAC, and Permanent Secretary, federal ministry of finance, Alhaji Isa Mahmoud Dutse attributed the decline in revenue for the month under review to the “explosions at Escravos Terminal, Force Majeure declared at Brass Terminal, shut-in and shut-down of pipelines at other Terminals for repairs and maintenance,” despite slight increase in oil production between December 2015 and January 2016.
He also told journalists that “there was revenue loss of $45.90 million as a result of drop in average price of Crude Oil from $39.04 in December, 2015 to $29.02 in January, 2016. Also, a substantial drop in income was recorded from Oil and Gas Royalty, Companies Income Tax and Import Duty”.
According to Alhaji Dutse, the amount in the Excess Crude Account, ECA, stands at $2.259 billion as at March 22, 2016.
Analysis of the revenue that accrued to the federation for the month of February shows that the gross statutory revenue of N270.499 billion received for the month was lower than the N290.961 billion received in the previous month by N20.462 billion.
The distributable statutory revenue for the month is N270.499 billion. The Sum of N6.330 billion was refunded by the Nigerian National Petroleum Corporation, NNPC to the FGN.
Also, there was exchange gain of N3.485 billion, which the FAAC proposed for distribution, and the total revenue distributable for the current month (February) including VAT, is N345.095 billion.
The FAAC chairman dispelled insinuation in some quarters that cash backing is always delayed after its meeting had concluded, informing that the Office of the Accountant General of the federation, AGF, usually give out cash backing within 48 hours.
Speaking through the AGF, Ahmed Idris, he told journalists that the amount recovered by relevant government agencies cannot be disclosed now due to the numerous on-going litigations.
He assured that as soon as the courts dispense of the cases, Nigerians would be informed of the exact amount recovered from the those who looted the country’s treasury.

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