The Federation Account Allocation Committee (FAAC) has distributed the sum of N641.299 billion for the month of February, 2014.
This was after the necessary deductions in accordance with the existing laws and status as well as revenue allocation formula for the purpose of onward allocation to the beneficiaries. Federal Government received 52.68%, State Government 26.72%, Local Governments 20.60% while 13% derivation went to oil and gas producing states.
Giving a breakdown of the figures, the Accountant General of the Federation, Mr. Jonah Otunla, said the gross revenue of N666.75 billion received for the month of February was apparently higher than the N540.870 billion received in the previous month by N125.875.
He attributed the depletion of the revenue to the drop in crude oil production, as a result of the shutdown of some terminals due to some repair works, pipeline leaks and fire outbreaks.
Sectoral breakdown of the revenue shows that the mineral revenue accounted for N569.136 billion while the non-mineral revenue generated N97.609 billion.
In the same vein, the AGF disclosed that the gross revenue available from the Value Added Tax (VAT) was N66.801 billion. This, according to him was against N82.277 billion distributed in the preceding month, thus, resulting in a decrease of N15.476 billion
Briefing financial correspondents at the end of the meeting in Abuja, Mr. Otunla disclosed that the N7.617 billion refunded by NNPC was equally distributed, in addition to the sum of N35.549 billion proposed for distribution under the SURE-P programme.
The AGF further disclosed that the Excess Crude Account has further depleted to $3.456 billion, a situation the Chairman of Finance Commissioners Forum, Mr. Timothy Odaah, described as a threat to Nigerian economy.
Mr. Odaah, who is also Commissioner of Finance in Ebonyi State, said the commissioners complained bitterly on the activities of SURE-P which, according to them, has not impacted positively to the lives of Nigerians.
This, according to him, necessitated the setting up of a committee comprising six members of Finance Commissioners Forum and six members of the Accountant Generals Forum to take a critical look at the impact of the SURE-P programme.
To this end, the commissioners in unanimous decisions called on the presidency to totally remove the subsidy payment on premium motor spirit (PMS). This, they said, will enhance the revenue of the states.