FG, states, councils share N626.8b revenue in April

FAAC says balance of excess crude account stood at $1.8b
A total of N626.827 billion was shared among the federal, states and local councils from the Federation Account for the month of April as against the N647.390 billion shared in March.

The Accountant-General of the Federation (AGF), Ahmed Idris, gave the details yesterday in Abuja at this month’s Federation Account Allocation Committee (FAAC) meeting.

Idris, represented by the Minister of Finance, Mrs. Kemi Adeosun, noted that the balance of $1.8 billion is left in the Excess Crude Account.

The AGF further said the statutory revenue for the month was N480.599 billion.

According to him: ‘’The gross statutory revenue of N480.599 billion received for the month was lower than the N557.943 billion received in the previous month by N77.344 billion.

“Crude oil export sales volume decreased by 13 per cent when compared with the 5.42 million barrels from the previous month resulting in reduced revenue from federation crude oil export sales by $33.58 million.”

He, however, stated that the average crude oil price increased from $63.08 to $65.72 per barrel, stressing that the issues that negatively affected production were the shut-ins and shut-downs at the various terminals for repairs and maintenance.