According to the Accountant-General of the Federation, Mr Ahmed Idris, the Federal Government on Wednesday shared 610.36 billion naira, generated in January to the three tiers of government.

He said this at a news conference at the end of the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja.

He, however, said approval was being awaited from the Minister of Finance, Mrs Zainab Ahmed for additional 50 billion naira from the Foreign Exchange Equalisation Account, which would be distributed accordingly.

According to him, Nigeria’s Excess Crude Account (ECA) currently stands at 249 billion dollars.

A communique issued at the end of the meeting noted that in January, the federation crude oil sales increased by 2.4 million barrels, resulting in increased federation revenue by 149.94 million dollars, despite a drop-in price of crude oil from 81.06 dollars to 75 dollars per barrel.

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In the month under review, oil royalty, import and excise duties increased substantially while Companies Income Tax (CIT) and Petroleum Profit Tax (PPT) decreased marginally.

It also said that the gross revenue of 505.24 billion naira was received in January, a figure lower than the 547.46 billion naira received in the previous month by 42.216 billion naira.

“The gross revenue from Value Added Tax (VAT) is 104.46 billion naira as against 100.76 billion naira distributed in the previous month, resulting in an increase of 3.708 billion naira.

“From the total gross revenue from VAT, the Federal Government received 15.04 billion naira, the States received 50.14 billion naira, while the LGAs received 35.10 billion naira and the revenue generating agencies received 1.17 billion naira,” it stated.

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