“We must allow the legal processes to be concluded, otherwise we will be jumping the gun. Nigerians must be told to exercise some patience and let the legal processes be concluded,” he appealed.
Idris who spoke at the end of the Federation Accounts Allocation Committee (FAAC), said that all allocations for February are cash-backed and expected to hit the accounts of the states within 48 hours. This was against the apprehension that allocations are not usually cash-backed, which was the reason some civil servants collect their salaries late.
Giving the breakdown of the allocation for the month of February, 2016, the Permanent Secretary in the Ministry of Finance, Alhaji Isa Mahmud Dutse, said the total statutory allocation for the month of February was N270.499 billion while the total net distributable was N264.238 billion.
Whereas the Federal Government got N127.200 billion, the states got N64.518 billion and the local governments collected N49.740 billion. Similarly, the lithoral states received N22.780 billion being the 13 per cent derivation.
According to Dutse, the gross revenue of N270.4699 billion for the month of February was lower than the N290.961 billion received in the previous month by N20.462 billion owing to low revenue production.
“Oil production increased slightly between December 2015 and January 2016 despite explosions at Escravos Terminal, force majeure declared at Brass terminal, shut-in and shut-down of pipelines at other terminals for repairs and maintenance. There was revenue loss of $45.90 million as a result of drop in average price of crude oil from $39.04 million in December, 2015 to $29.02 million in January. Also, a substantial drop in income was recorded from oil and gas royalty, companies income tax and import duty,” he said.
He also noted that the balance in the Excess Crude Account is $2.259 billion.
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