Sunday, April 20, 2014

FG, states share improved oil revenue in December


The Federal Government and the 36 states of the Federation as well as the Federal Capital Territory, FCT, Abuja shared improved revenue yield from crude oil exports last December despite reported incidences of rising oil bunkering and crude oil theft in the Niger Delta region.

The Accountant General of the Federation, Jonah Otunla, said at the end of the Federation Accounts Allocation Committee, FAAC, meeting in Abuja on Tuesday that gross revenue of N581.06 billion was received during the month against N569.5 billion received in November.

The AGF, who said the revenue earning for the month was higher than November’s by about N11.6 billion, attributed the increase to “the higher export sales volume”, even as crude oil production and lifting encountered several disruptions as a result of increased bunkering activities and ongoing maintenance work at the country’s major crude oil pipelines by the Nigerian National Petroleum Corporation, NNPC.

According to the Accountant General, the distributable revenue for the month stood at about N467.007 billion after about N22.345 billion was transferred to the Excess Oil Revenue Account.In addition, he said though there was no budget augmentation during the month as the revenue exceeded the budgeted figure, the NNPC refunded N7.617billion out of the N450billion debt it owed the Federation Account.

The sum of N35.549billion was proposed for distribution under the SURE-P programme, while total revenue distributable for the month, including Value Added Tax, VAT, was put at N567.708boillion.


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