Excess crude revenue drops to $2.1 billion, as federal, state governments share N629.128 billion in January

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More money was shared in January than December. The balance in the excess crude revenue account as at January 2014 dropped further to about $2.1 billion, as the federal, state and local governments shared N629.128 billion from statutory, Value Added Tax, VAT, and other revenue sources in January. The Accountant General of the Federation, AGF, Jonas Otunla, said the amount shared was about N47.630 billion higher than the distributions of the preceding month. The amount comprised of N503.685 billion for statutory distributions; N82.277 billion from VAT; N35.549 billion for the subsidy reinvestment and empowerment programme, SURE-P; and refund by the Nigerian National Petroleum Corporation, NNPC of about N7.617 billion. Details of the monthly distributions on tier-by-tier basis showed that the Federal Government got N235.022 billion from statutory sources and N11.848 billion from VAT, while the 36 states got N119.206 billion from statutory distribution compared with N39.493 billion from VAT. The local governments shared N91.903 billion from statutory distributions and N27.645 billion from VAT. The states and local governments also shared the N7.617 billion refunded by the NNPC exclusively, while SURE-P’s N35.549 billion distributions were shared among the three tiers of government. The oil producing states also shared N52.309 billion being the 13 per cent derivation revenues from oil and gas earnings. Mr. Otunla told reporters at the end of the Federation Accounts Allocation Committee, FAAC, meeting in Abuja that the gross revenue for the month, which totaled N540.870 billion, was higher than the figure earned in December 2013 by N60.920 billion. The AGF said there was no augmentation for the month under review, as the Excess Crude Account, ECA, took a dive again. He said that as part of efforts to expand the FAAC and bring in more public finance agencies into its membership, the Petroleum Products Pricing and Regulatory Agency, PPPRA, would from the next meeting be attending the committee’s meeting. The Chairman of States Finance Commissioners Forum, Timothy Odaah, expressed confidence in the ongoing National Assembly’s public hearing on the alleged missing funds from the Federation Account. He said states and local governments would be pleased to see that the findings would enhance transparency and accountability in public finance.

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