A total of N701 billion has been allocated to the federal government, states and local governments as revenue for the month of April 2018 in Nigeria. The Permanent Secretary of Nigeria’s Ministry of Finance, Mr Mahmoud Isa-Dutse, who disclosed this in Abuja, the country’s capital said that the amounts shared were the outcome of Federal Account Allocation Committee (FAAC) meeting.
The Permanent Secretary who gave a breakdown of the revenue accrued in April explained that the mineral revenue increased by N50.7 billion, from N360.51 billion in March to N411.2 billion in April.
He added that non-mineral revenue also increased by N81.25 billion, from N120 billion in March to N201.3 billion in April.
He noted that Value Added Tax (VAT) collected increased from N80.35 billion in March to N83.4 billion in April.
He indicated that gross statutory revenue of N613 billion received for the month was higher than the N480.59 billion received in the previous month by N132.45 billion.
“Crude oil sales volume increased by 64 percent, compared with 7.72 million barrels from the previous month, resulting in increased revenue from the Federation Crude Oil Export Sales by 226.90 million dollars. Also, average crude oil price increased from 65.7 dollars to 66.78 dollars per barrel. Performance for the month in the review would have been better but for a few production shut-ins and shut-downs at various terminals for repairs and maintenance,” he said.
Isa-Dutse said looking at the significant increase in revenues, the federal, states and local government decided to save some of the month’s revenue for a rainy day.
To this end, the permanent secretary said, N24.5 billion would be converted and added into the dollars denominated Excess Crude Account.
He added that “based on increased revenue for the month and after due consultation, it has been decided that we will take out N24.5 billion and credit it into the Excess Crude Account.
“This brings the Excess Crude Oil Account balance to 1.11 billion dollars and the Excess Petroleum Profit Tax Account is 0.133 billion dollars,” he said.
On the issue of reconciliation of accounts with Nigerian National Petroleum Corporation (NNPC), Isa-Dutse explained that reconciliation of monies collected by revenue generating agencies was ongoing.
