The Minister of Finance, Mrs. Kemi Adeosun has indicated that the country’s Excess Crude Account balance currently stands at N2.457 billion.
Adeosun who spoke to journalists shortly after Federation Account Allocation Committee (FAAC) meeting in Abuja, explained that the Excess PPT Account, though not statutory, was created in a joint agreement between the Federal Government and governors of the 36 states to store-up excess revenue which is used to augment distributable revenues in months where there were shortfalls in revenues.
According to a communique released at the end of the FAAC meeting, and made available to journalists by the ministry’s Director, Press, Salisu Na’inna Dambatta, the three tiers of government in the country, shared a total of N400 billion, being revenue generated in the month of December 2016.
The amount exceeded the N386.879 billion generated in November 2016 and shared in December, 2016.
“Gross statutory revenue of N248.715 billion was available for the month of December 2016. This was N8.595 billion higher than the N240.120 billion available as gross revenue in November 2016. The distributable Statutory Revenue for December 2016 was N224.883billion, while the Net Statutory Revenue was N216.266 billion.
“For the month, gross revenue available from the Value Added Tax (VAT) was N79.273 billion as against N75.579 billion distributed in the preceding month, resulting in an increase of N3.694billion. The sum of N6.330 billion refunded by the NNPC, N42.998 billion from the Excess PPT Account and an exchange gain of N52.846 billion were available for distribution for the month,” the communique stated.