FAAC confirms minimum wage payment as FG, States, LGs share N617bn for March 

FAAC confirms minimum wage payment as FG, States, LGs share N617bn for March

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.

However, he disclosed that the implementation of the new minimum wage had technically commenced and that arrears would be paid once its cash-backed.

The amount showed a decrease of about N2.29 billion from what was shared in February.

Idris said this at a news conference at the end of the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja.

Giving a breakdown of the revenue accrued in March, Idris said that the mineral revenue reduced by N41.65 billion, moving from N350.09 billion in February to N308.4 billion in March.

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He however, said 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.

“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.

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FAAC confirms minimum wage payment as FG, States, LGs share N617bn for March 

In summary, 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.

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, Mr Mahmoud Yunusa said the Forum had appointed the Commosioner of Finance, Kogi state as acting Head of the Forum.

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He explained that the Kogi State Commisioner would handle the affairs of the Forum pending when the State Governors appoint new commissioners under the next administration.

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