Oscarline Onwuemenyi 28 March 2018, Sweetcrude, Abuja – The monthly Federal Account Allocation Committee (FAAC) meeting, which began on Tuesday…
Browsing: Mr. Ahmed Idris.
The federal government got highest allocation in the sum of N263.283 billion, States N172.872 billion; local government councils N129.985 billion while the sum of N52.042 billion was paid to oil producing States being their 13% share of derivation allocation.
He said, “There was significant increase in revenue from export sales of $176.4 million due to an increase in crude oil production by 4.12 million barrels. However, the average price of crude oil decreased from $50.44 to $46.29 per barrel.”
Idris said the sum indicated a rise in the revenue shared by the three tiers of government of N169 billion for September compared to about N467.8 billion shared in August – inclusive of Value Added Tax (VAT).
According to Idris, the allocations from the Federation Account to the three tiers of government also declined by N52.07 billion from the N467.8 billion shared in March to N 415.73 billion in April this year.
“But let me also make a strong and important point. If not because TSA is in place and now that the recession is here, only God knows what would have happened. A monthly drain of over N4 billion and yet no revenue coming in and leakages continued. It could have been a disaster. It was government’s foresightedness and focus even as TSA was in place before the recession. And that is why we are floating and not sinking, and we will not sink God willing,” he said.
“In reality, the Naira should not be affected more than the N305,” she argued, explaining that this was so because the CBN had put in place measures to stimulate more supply of dollars to deal with its shortage in the market.”
“The decrease was as a result of shut-in and shut-down of pipelines at other terminals due to the activities of vandals and for maintenance impacted negatively on production,” Adeosun explained.
