…Excess crude account now $2.29b
The Federation Accounts Allocation Committee (FAAC) on Tuesday shared N415.730billion among the three tiers of government- Federal, States and Local Government Areas (LGAs) for the month of April 2017.
According to the Accountant General of the Federation, Idris Ahmed, who made the announcement after the meeting in Abuja, the gross statutory revenue of N274.100 billion received for the month was lower than the N331.583billion received in the previous month.
He said that “we have a balance in the Excess Crude Account as at 23rd of May 2017 of $2.299billion. We also have a balance in the Excess PPT, which is Petroleum Profit Tax, excess account as at 23rd May, 2017 of $67million.”
He explained that there was a significant increase in Export Sales Revenue by about$63.69 million due to increase in the average unit price of crude oil from $52.38 per barrel and a rise in crude in oil export volume by 1.07 million barrels.
He added that despite the improvement, production still suffered the perennial setbacks.
His words: “Leakages arising from sabotage and programmed maintenance led to shut-ins and shut-downs at terminals. The Force Majeure declared at Forcados Terminal since February 2016 was still in place.”
Ahmed noted that the “distributable statutory revenue for the month is N272.115biooion. The sum of N6.330billion was refunded by NNPC to FGN. There is apropos end distribution of N20.425 billion from the Excess PPT Account. Also, exchange gain of N38.517billion is proposed for distribution. The total revenue for the current month (including VAT) is N415.730billion.”
Speaking, the chairman, Commissioner of Finance Forum, Alhaji Yunusa Mahamud gave the assurance that the nation’s economy was recovery from recession.
He said that the recession has become a blessing in disguise as most of the states have taken the opportunity to improve their internal revenue generation.
According to him, there is now improvement in the security in the Niger Delta and the level of stability in the crude oil market.
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