Excess crude account drops to $35m as FG, states, LGAs get N657b in April

By : Collins Olayinka, Abuja

Date: 27 May 2022 5:10am WAT

Oil-storage tanks are seen from above in Carson, California, April 25, 2020 after the price for crude plunged into negative territory for the first time in history on April 20. - Although oil prices have stabilized somewhat since the unprecedented dive, the world remains in the throes of a glut of crude oil caused by a precipitous fall in demand due to the global coronavirus pandemic coupled with a lack of storage capacity for crude already in transit or still being produced. (Photo by Robyn Beck / AFP)

The Federation Account Allocation Committee (FAAC) has shared N656.602 billion to the three tiers of government, being allotment for April 2022.

A statement by the Director (Information and Press), Federal Ministry of Finance, Phil Abiamuwe-Mowete, said from the total amount, which included gross statutory revenue, Value Added Tax (VAT), Excess Bank Charges Recovered and Augmentation of N20 billion, the Federal Government received N257.611 billion; states received N201.256 billion and local councils got N149.251 billion.

In contrast, oil-producing states received N48.485 billion as 13 per cent derivation revenue.

Balance in the excess crude account, as of May 25, 2022, stands at $35.377 million.

The communiqué issued by the FAAC at the end of its virtual meeting indicated that the gross revenue available from VAT for April 2022 was N166.522 billion.

The distribution is as follows: Federal Government, N24.978 billion; states, N83.261 billion; local councils, N58.283 billion.

The communiqué also revealed that Petroleum Profit Tax (PPT), oil and excise duty increased marginally, while oil and gas royalties, import duty, Companies Income Tax (CIT) and VAT all recorded significant decreases.

It was further disclosed that total revenue distributable for the current month was drawn from Statutory Revenue of N461.189 billion; VAT, N166.522 billion; Excess Bank Charges Recovered N8.891 billion and an Augmentation of N20 billion, bringing the total distributable for the month to N656.606 billion.