FAAC: FG, states, LG share N629.12bn for January

The Federal Government, states and local governments in Abuja on Thursday shared f N629.12 billion from the Federation Account for January.

The Accountant-General of the Federation, Mr Jonah Otunla, made the announcement when he briefed newsmen on the outcome of the Federation Account Allocation Committee (FAAC) meeting.

Otunla said that the distributed revenue, which included Value Added Tax (VAT), had a gross receipt of N540.87 billion for the month.

He said the figure was higher than N479.95 billion received in December, 2013.

He described the N60.92 billion increase in revenue in January as a “positive development” considering the disruptions recorded in production and lifting oil during the month.

The accountant-general said the disruptions included maintenance periods, multiple leaks, pipeline breaks and theft.

He said the total amount shared by the three tiers of government in the month comprised statutory revenue of N503.68 billion and N7.61 billion refunded by Nigerian National Petroleum Corporation (NNPC).

Otunla said that other components of the revenue were VAT, N82.27 billion and N35.55 billion from Subsidy Reinvestment and Empowerment Programme (SURE-P).

He said that VAT recorded an increase of N17.55 billion from the December, 2013 figure of N64.72 billion.

On the status of the Excess Crude Account, he said that the sum of 2.1 billion dollars was currently in the account, adding that no issue was raised about the account at the meeting. (NAN)