TheCable

The April allocation made available to the three tiers of government by the federation accounts allocation committee (FAAC) was N20 billion less than the March provision.

Federal, state and local government shared N623.82 billion in Abuja on Thursday as against the N647.39 billion shared in March.

The meeting had ended in a deadlock on Wednesday after revenue figures tendered by the Nigerian National Petroleum Corporation (NNPC) were rejected by FAAC members.

Addressing reporters at the end of the rescheduled FAAC meeting, Ahmed Idris, accountant general of the federation said there is an ongoing reconciliation of NNPC revenue figures for February.

Idris also disclosed that the excess crude account (ECA) balance dipped from $2.3 billion to $1.830 billion after $496 million was deducted for the purchase of Tucano military airplanes from the US.

At the end of the meeting, the federal government received N263.102 billion, states went home with N167.511 billion and local governments were given N126.293 billion.

Oil-producing states received N54.518 billion as 13 percent mineral revenue, while the Federal Inland Revenue Service (FIRS) received N 15.402 billion as the cost of collection.

The gross statutory revenue of N480.599 received was lower than N557.943 billion received in March by N77.344 billion.

Crude oil export sales volume decreased by 13 percent when compared with 5.42 million barrels recorded the previous month and thus reduced earnings by $33.58 million