A total of N429.127 billion was shared as federal allocation for the month of February, among the Federal, state and local governments.
A communiqué issued by the Technical Sub-Committee of the Federation Accounts Allocation Committee, at the end of its meeting held today in Abuja, indicated that the gross statutory revenue received for the month stood at N290.163 billion, lower than the N324.990 billion received in the previous month.
The amount comprised the month’s statutory distributable revenue of N258.692 billion, Value Added Tax of N69.207 billion, exchange gain of N40.329 billion and excess PPT Account of N60.899 billion.
There was also a N6.330 billion refund to the Federal Government by the Nigerian National Petroleum Corporation.
Accordingly, from net statutory revenue, the Federal Government received N117.581 billion, representing 52.68 per cent; the 36 states received N59.639 billion, 26.72 per cent; local government councils received N45.979 billion, representing 20.60 per cent; while oil producing states received N23.191billion as 13 per cent derivation revenue.
Furthermore, from the revenue available from VAT, the Federal Government received N9.966, 15 per cent; states got N33.220 billion, representing 50 per cent, while the local councils received N23.254, 35 per cent.
The communiqué further revealed that there was a revenue increase of $4.06 million in federation export sales due to a rise in the crude oil export volume by 0.30 million barrels.
There was however, a decrease in the average price of crude oil from $49.57 to $44.74 per barrel, during the period under review. Production diminished during the period due largely to leakages in the pipelines arising from sabotage.
Also, the force majeure declared at Forcados and Brass Terminals lingered.
Significant decreases in revenue were noted from PPT, CIT import and export duties and oil royalty.
