ABUJA: The Federation Account Allocation Committee (FAAC) has distributed the sum of N626.827 billion to the Federal, State and Local Government Areas as Allocation for the month of March.
The Accountant-General of the Federation (AGF), Ahmed Idris said this on Thursday in Abuja, while briefing Journalists on the outcome of the (FAAC) meeting.
Idris noted that the balance in Excess Crude Accountant ( ECA) has come to $1.830 billion from $2.3 billion after withdrawal of $496 million to purchase Tucano aircrafts from United States of America to combat security challenges in the country.
Giving a breakdown of the revenue accrued in March, Mr Idris said N480.59 billion was received as gross statutory revenue, lower than N557.94 billion received in April by N77.34 billion, adding that the reduction in revenue was due to a decrease in the crude oil export sales by 13 per cent when compared to 5.42 million barrels from the previous month.
Ahmed confirmed the figures at a re- convened session of FAAC after Wednesday’s abrupt adjournment over Nigerian National Petroleum Corporation (NNPC) remittance hitches to federation account.
He said, “Crude oil export sales volume decreased by 13 per cent when compared with the 5.42 million barrels from the previous Month, resulting in reduced revenue from federation crude oil export sales by $33.58 million”.
The shared amount comprised the month’s statutory distributable revenue of N480.5 billion, Value Added Tax(VAT) of N83.7 billion and Forex Equalisation of N62.52 billion.
Giving a breakdown of the distribution, he said N263.1 billion was allocated to the Federal Government, N167.5 billion to states and N126.29 billion was received by the local governments.
Speaking on the progress of account reconciliation with the NNPC after FAAC adjournment, Idris said it was ongoing.
According to him, “The reconciliation for your information is ongoing. There is no public finance system that will be devoid of reconciliation at any time. So reconciliation is part of the order and in that particular instance, reconciliation that has started last month, continued this month and there is nothing new.
“We couldn’t meet yesterday because we felt certain milestone has to be reached and on getting to those milestones, we sat today and have considered the figures for distribution. But let me also tell you that there is no time in public finance management when there is no reconciliation. Reconciliation is always there”.
He went further to say that, “As far as the operations of the NNPC are concerned, vis-a-vis the retirement of the FAAC, these are all the things that are being considered during the state level discussion and there will be report and it will be sorted out.
“Certain things are mere administrative procedures which must need be followed others are professional issues of disclosures. So the totality of this is what is being considered at the state level and I believe there will be result; they are part of the reconciliation process”he said.