Minister of Finance Kemi Adeosun
The Federal Government received N270.8bn, states got N173.75bn and the 774 local government councils were allocated a total amount of N130.9bn.
The shared amount comprises the month's statutory distributable revenue and value added tax of 89.4 billion Naira.
The Federation Accounts Allocation Committee (FAAC) has balanced the revenue crisis which allows it to share constitutional allocation.
The acceptance of the figures by the members of FAAC followed consultations made by the Minister of Finance, Accountant General of the Federation, Ahmed Idris with some state' governors and representatives of States' Commissioners of Finance.
The Minister of Finance, Mrs. Kemi Adeosun, who spoke to journalists at the end of the Committee's meeting, said the N647.39 billion distributed to the three tiers of government was N11.836 billion higher than the N635.554 billion shared in the previous month.
However, this did not come without the resolution that FAAC is to undertake a joint reconciliation audit with the Nigerian National Petroleum Corporation (NNPC) of its revenue earnings and cost incurred during the period under review.
The total revenue distribution in the previous month was made up of statutory revenue of N538.908 billion and Value-Added Tax of N96.646 billion.
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She said: "The figure for this month is higher than last month's".
The Communique further explained that there was an increase in the average price of crude oil from $57.71 to $63.08 per barrel and an increase in export sales of 2.8 million barrels which resulted in increased revenue from Export sales of $194.39 billion.It further stated that other issues which negatively affected the Crude oil production and resulted to shut-ins and shut-downs are pipelines maintenance and repairs.
With the approval and distribution, the Accountant-General of the Federation yesterday signed the mandates for the Central Bank of Nigeria to pay the approved revenue allocation into the accounts of the federal, states and local councils.
He said, "Let me be quick to tell you that the meeting was inconclusive because issues around reconciliation of figures are on the table". I am sure that many people will be travelling and attending weddings.
Meanwhile, the Chairman, Commissioners of Finance Forum, Mr Mahmoud Yunusa, said the state governments agreed to collect the available funds so that Nigerians would not have a bleak Easter.
Do you ever have any question about anything you wish to ask and get answer? Be that as it may, the account as submitted by NNPC is still not acceptable to us. But those issues notwithstanding, we should go ahead and conclude the meeting.
"What we expected from NNPC is less than what was submitted".
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