The Accountant-General of the Federation (AGF), Mr Ahmed Idris, on Tuesday said the Federal Government shared N617.56 billion as revenue generated in March to the three tiers of government.
Idris, who was addressing a press conference at the end of the monthly Federation Account Allocation Committee FAAC meeting in Abuja, disclosed that the implementation of the new minimum wage had technically commenced and that arrears would be paid once there was cash backing.
The amount showed a decrease of about N2.29 billion from what was shared in February.
Giving a breakdown of the revenue accrued in March, Idris said the mineral revenue reduced by N41.65 billion, moving from N350.09 billion in February to N308.4 billion in March.
He, however, said the non-mineral revenue Increased by N13.88 billion, from N124.3 billion in February to N138.2 billion in March.
The AGF said in March, the federation crude oil sales increased by 49.18 per cent, resulting in increased federation revenue of about 240.23 million dollars.
“Also, the average crude oil price increased from 63.62 dollars to 79.06 dollars per barrel.
“Lifting operations were adversely affected by production Shut in and Shut down at various terminals due to technical issues, leaks and maintenance.
“Revenues from Oil Royalty, import and Excise duties increased remarkably, while Petroleum Profit Tax decreased marginally,” he said.
In summary, Idris said the Federal Government received N208.39 billion, states got N105.7 billion and local governments received N81.49 billion.
In addition, N39.59 billion, representing 13 per cent of the mineral revenue was shared to oil producing states.
Idris said as at April 25, the money left in the Excess Crude Account (ECA) was 183 million dollars, which was the amount remaining in the ECA after withdrawals were made some months back to procure some necessary military hardwares.
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