Nigeria Daily Log - FORUMS

Ahmed Idris, the Accountant-General of the Federation (AGF), said on Thursday in Abuja, while briefing Journalists on the outcome of the Federal Account Allocation Committee (FAAC) meeting, that the federal government, states and local governments shared N626.8 billion for the month of April, Premium Times reports.

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 March by N77.34 billion. He said 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.

For the Excess Crude Account (ECA), Mr Idris said the balance stood at 1.83 billion dollars from 2.3 billion dollars in the previous month. 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 issue of reconciliation of accounts with the Nigerian National Petroleum Corporation (NNPC), Mr Idris said it was ongoing.