ECA rises to N3.73bn as govts share N648.349bn in May

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Federal Government yesterday announced N3.73 billion as the  balance in   the Excess Crude Account saying that the amount   rose  from N3.6 billion  in April to the level in May.

Addressing newsmen in Abuja, the Accountant General of the Federation, Mr Jonah Otunla, also revealed N648.349 billion was the  total allocation shared  by the  three ters of government.

The amount represented N582.934 billion Statutory Allocation and N65.415 billion realised from the Value Added Tax (VAT), making the total distributable revenue for the month to be N648.349 billion which when compared  to last month, is N49.177 billion higher, adding that the  total allocation to SURE-P as ususaI,  is N35.55 billion.

Otunla also said that the mineral revenue and non-mineral revenue which totalled N833.4 billion was available for distribution. Out of this, there is a sum of N159.7 billion as excess non-mineral revenue. He said the sum of N101 billion was transferred to the execess crude account to cater for SURE-P.

Out of the N582.934 Statutory Allocation, the Federal Government received N271.340 billion, representing 52.68 per cent, states got N137.627 billion being 26.72 per cent while the 774 local governments in the country shared N106.105 billion or 20.60 per cent of the total statutory allocation among themselves.

With respect to the 13 per cent derivation fund, Otunla stated that the sum of N52.751 billion was shared among the oil producing states in the  country.

Out of the N65.415 VAT proceeds, the AGF stated that the Federal Government got N9.420 billion or 15 per cent of total VAT sum, the state government received N31.399 billion, representing 50 per cent while the local governments received 35 per cent amounting to N21.979 billion.

The Accountant General stated in his summary that the gross revenue of N844.032 billion received for the month was higher  than the N584.151 billion received in the previous month by N259.881 billion.

He said that a bulk payment of $1.2 billion by NLNG made a profound impact on the revenue collection for the month as well as an upward review of estimates by SPDC Limited and other companies.

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