The Federation Account Allocation Committee on Tuesday shared a total sum of 593.339billion naira to the three tiers of government as allocation for the month of October.
Statistics show that the total sum was derived from 484.3billion naira accruing from the statutory revenue profile, 35.5 billion SURE-P funds, 6.3 billion naira refund by the Nigerian National Petroleum Corporation(NNPC) made up the total amount as well as 67.1 billion naira value added tax.
According to the Minister of State for Finance, Yuguda Bashir, the federal government got 224.264billion,which represents 52% while states and local governments got 113.750billion representing 26% and 87.696 billion naira representing 20% of the total amount distributed
The Minister further stated that oil producing states shared 47.123 billion as 13% derivation for the month under review.
Stating that the gross revenue of 536.692 billion received for the month was higher than the 502.097 billion naira received in the previous month by 34.595 billion, Alhaji Yuguda acknowledged improvement in mineral revenue for the month despite the shutdown of truck and pipelines at various terminals.
The Minister also disclosed that the sum of 4.1 billion was transferred to the excess crude account.
The next FAAC meeting has been scheduled to hold on the 15th and 16th of December, 2014.
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