The Federal, states and local governments on Thursday shared N635.55bn as revenue generated in January, which showed a decline of N19.6bn when compared to what was generated in December .
The Accountant-General of the Federation, Mr. Ahmed Idris, while briefing newsmen in Abuja on the outcome ofthe monthly Federation Account Allocation Committee meeting, highlighted several factors that impacted negatively on the January income.
“Operational challenges caused a decrease in crude oil export by 0.36 million barrels, which reduced revenue from export sales for the federation by $113.86m.
“However, the average price of crude oil increased from $56.83 to $57.71 per barrel during the period.
“Other major issues that impacted negatively on operations were the shut-ins and shut-downs of production at various terminals for repairs and the Force Majeure declared at Bonny Terminals,” he said.
He said there was, however, significant increase from oil royalty and Value Added Tax, while revenues from Import Duty increased marginally.
Giving a breakdown of the revenue generated, Idris said that N404.79bn was generated as mineral revenue, while N134.11bn came from non-mineral revenue.
To this end, Idris said that Federal Government received N249.3bn; states, N126.48bn and the local governments, N97.51bn.
He said that N52.04bn was also shared among the oil producing states, representing 13 per cent of the oil revenue generated in the month of January.
Idris said the balance in the Excess Crude Account still remained $2.317bn, while the balance in the Excess Petroleum Profit Tax account stood at $133m.
