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FAAC Shares N609.95b November Revenue to FG, States, LGs

By Dipo Olowookere

A total N609.95 billion generated as revenue in November has been disbursed to Federal, States and Local Government by the Federation Account Allocation Committee (FAAC).

According to the Accountant-General of the Federation, Mr Ahmed Idris, the is N77.25 billion more than the N532.76 billion shared in October to the three tiers of government by FAAC.

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Mr Idris disclosed that oil revenue continues to be negatively impacted by low production due to poor maintenance, sabotage and the Force Majeure declared at Bonny Terminal.

The AGF revealed that the balance in the Excess Crude Account (ECA) as at December 15 stood at $2.317 billion, while the balance in the Excess Petroleum Profit Tax account was $133 million.

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Giving a breakdown of how the November revenue was generated, Mr Idris said N356.07 billion was earned as mineral revenue and N193.46 billion as non-mineral revenue in November, both showing improvements over the earnings in October.

Mineral revenue, he said, increased by N38.78 billion, while non-oil mineral revenue also jumped by N68.65 billion.

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On how the money was disbursed, Mr Idris said the Federal Government received N248.2 billion, representing 52.68 percent; the states got N125.9 billion, representing 26.72 percent and the 774 local councils received N97.06 billion, amounting to 20.60 percent.

In addition, oil producing states got N54.48 billion, which represents the derivation share of 13 percent.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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