NNPC refunds N7billion to Federation Account
Nigerian National Petroleum Corporation (NNPC) yesterday refunded N7.617 billion to the federation account, as part of its debt, and arrears of N156.76 billion for the month of January, owing to the late implementation of the budget.
Speaking shortly after the end of the Federation Accounts Allocation Committee (FAAC), meeting, the Accountant General of the Federation (AGF), Mr Jonah Otunla, said that FAAC shared a total of N888.40 billion to the three tiers of government for the month of February.
The amount, he said, indicated an increase of N310.94 billion or 54.03 per cent over the N575.46 billion shared by the committee to the three tiers of government for the month of January. Otunla also said that members of the committee agreed to transfer the sum of N121.41billion into the Excess Crude Account which brings the new balance in the account to $8.061 billion.
“The gross revenue of N571.67 billion received for the month was lower than the N651.26 billion received in the previous month by N79.58 billion.
Production was equally hampered by pipeline vandalism at Bonny, Forcados and Brass Terminal,” he said The breakdown of the distribution shows that N445.84 billion was shared under statutory allocation; N62.707 billion was allocated under Value Added Tax while N173.595 billion was used to augment the shortfall in revenue.
According to the AGF, from the N445.26 billion statutory allocation, the Federal Government got N209.86 billion representing 52.68 per cent; the 36 states got N106.44 billion or 26.72 per cent while the 774 local government got N82.06 billion or 20.6 per cent. Similarly, he said N47.48 billion was shared to the nine oil- producing states based on the 13 per cent principle of derivation.
As for VAT distribution of N60.19 billion, Otunla noted that FG got N9.03 billion or 15 per cent whereas states got N30.1 billion or 50 per cent while local governments got N21.07 billion.
