Nigeria's Federation Accounts Allocation Committee Shares N610.36 Billion
The earned revenue by Nigeria for January which totalled N610.36 billion has been shared in February. Nigeria's Accountant-General of the Federation (AGF), Ahmed Idris made this known at the end of the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja. newsguide.ng An additional N50 billion from the Foreign Exchange Equalisation Account was being awaited from the Minister of Finance, Zainab Ahmed which would be distributed accordingly. According to him, Nigeria’s Excess Crude Account (ECA) currently stands at 249 billion dollars. A communique issued at the end of the meeting noted that in January, the federation crude oil sales increased by 2.4 million barrels, resulting in increased federation revenue by 149.94 million dollars, in spite of a drop in price of crude oil from 81.06 dollars to 75 dollars per barrel. In the month under review, oil royalty, import and excise duties increased substantially while Companies Income Tax (...