Home BANKING & FINANCE 3 Tiers Of Government Share N617.56 Billion March Revenue; Minimum Wage May...

3 Tiers Of Government Share N617.56 Billion March Revenue; Minimum Wage May Wait

Zainab-Ahmed

The three tiers of Government in Nigeria have shared N617.56 billion as revenue generated in March even as there are indications that the new N30,000 minimu wage to workers may not be paid until it is cash-backed.

The N617.56 billion revenue for March showed a decrease of about N2.29 billion from what was shared in February.

The Accountant-General of the Federation (AGF), Ahmed Idris, who spoke to news men today, Tuesday at the end of the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja, explained that the implementation of the new minimum wage had technically commenced and that arrears would be paid once its cash-backed.

According to the Accountant General, mineral revenue reduced by N41.65 billion, moving from N350.09 billion in February to N308.4 billion in March, adding that the non-mineral revenue increased by N13.88 billion, from N124.3 billion in February to N138.2 billion in March.

He said that 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.

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“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.

Ahmed Idris said that 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.

Ahmed Idris said that as at April 25, the money left in the Excess Crude Account (ECA) was 183 million dollars.

He said that was the amount remaining in the ECA after withdrawals were made some months back to procure some necessary Military hardwares.

Meanwhile, the Chairman, Commissioners of Finance Forum, Mahmoud Yunusa said that the Forum had appointed the Commissioner of Finance, Kogi state as acting Head of the Forum, adding that he would handle the affairs of the Forum pending when the State Governors appoint new commissioners under the next administration.