“FG, States, LGs Share N345billion For February” – FAAC

The three tiers of government on Tuesday, March 22, shared a sum of N345.09 billon for the month of February from the Federation Account.

This figure is a decline on what was shared in January following massive decline in government revenues during the period.

The Federation Account Allocation Committee (FAAC) said that the N345.09bn allocation for February fell short of the N370.38bn shared in the month of January by N25.29bn.

Finance minister, Kemi Adeosun, while speaking shortly after the FAAC meeting for the month of February, said the country recorded a shortfall of N20.46 in gross statutory revenue from N290.96bn in January to N270.49bn in February.

She attributed the decline in revenue to explosions at Escravos terminal as well as force majeure declared at Brass terminal which led to the shutdown of pipelines at other terminals for repairs and maintenance.

Represented by the permanent secretary in the Ministry of Finance, Mahmud Dutse, the minister also said a revenue loss of $45.9m, caused by a drop in average price of crude oil from $39.04 in December 2015 to $29.02 in January this year, had a negative impact on government revenue.

She said: “The distributable statutory revenue for the month is N270.49bn. The sum of N6.33bn was refunded by Nigerian National Petroleum Corporation to the federal government.”

“Also, there is an exchange gain of N3.49bn which was proposed for distribution. The total revenue distributable for the current month is N345.09bn.”