Three tiers of govt share N429bn revenue for February

New executive order will boost revenue generation – Presidency

Federal, states and local governments have shared revenue totalling N429.17 billion from the federation account as their allocation for the month of February.

The gross statutory revenue for February is put at N290.13 billion, lower than N324.9 billion recorded in January.

The shared revenue included statutory distributable revenue (N258.6 billion), value-added-tax (N69.2 billion), foreign exchange gains (N40.32 billion), excess petroleum profit tax account (N60,8 billion), and the NNPC refund (N6.3 billion).

From the statutory revenue, the federal government receives N117.58 billion, state governments (N59.6 billion), local governments (N45.9 billion), while oil producing states shared N23.19 billion as the 13 per cent derivation.

From value-added-tax, federal government got N9.9 billion, state governments (N33.2 billion), and local governments (N23.2 billion)

Minister of Finance, Mrs Kemi Adeosun said that there was revenue increase of $4.06 million in federation export sales due to a rise in crude oil export volume by 0.30 million barrels.

According to her; “Average price of crude oil fell from $49.57 to $44.74 per barrel during the period under review.Production diminished during the period due largely to leakages in the pipelines arising from sabotage. Also force majeure declared at forcados and brass terminals lingered”

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