The Federation Account Allocation Committee (FAAC) has distributed N609.95 billion from the federation Account to Federal, States and Local Government as revenue generated in November.
This is N77.25 billion more than what they shared in October, Mr. Ahmed Idris, the Accountant-General of the Federation said.
The distribution is also timely as it will enable states and local councils to pay workers ahead of Christmas, in the opinion of the Chairman, Commissioners of Finance Forum, Mr Mahmoud Yunusa.
Idris said that after the cost of collection deductions by FIRS, Customs and DPR, the Federal Government received N248.2 billion, representing 52.68 per cent; the states got N125.9 billion, representing 26.72 per cent and the 774 local councils received N97.06 billion, amounting to 20.60 per cent.
According to Idris, oil producing states got N54.48 billion, which represents the derivation share of 13 per cent.
He said that the country generated N356.07 billion as mineral revenue and N193.46 billion as non-mineral revenue in November, both showing improvements over the earnings in October.
Mineral revenue increased by N38.78 billion, while non-oil mineral revenue also jumped by N68.65 billion.
Idris said that oil revenue continues to be negatively impacted by low production due to poor maintenance, sabotage and the Force Majeure declared at Bonny Terminal.
He said that the balance in the Excess Crude Account (ECA) as at Dec. 15 remained $2.317 billion. He also put the balance in the Excess Petroleum Profit Tax account, at $133 million.
Idris said the Federation Account has received instruction from the National Economic Council that $1billion be removed from ECA to fight Boko Haram.
“The instruction has been given. But there is a process before money is taken out of an account. So unless that withdrawal is made, the balance remains the same.
“On what the money will be used for, the appropriate institution will have to give you that, namely the military, who are the ones that will utilise the money, and they know their needs.
On why the money is being taken from the ECA, Idris said everyone should know that it is a savings account and ordinarily should have been distributed to the three tiers of government.
“So if the same owners decide that part of it should be utilised to secure the country, to secure the system, to make the system work and provide security for life and property, I don’t think it should be an issue.
“If the Governor of Ekiti state has a problem with that, he should have made his position known to his forum, which is the Governor’s Forum.
“His dissension should not come to me on the pages of newspapers. He is entitled to whatever, but it should be directed to the appropriate place,” he said
About Article Author
Latest Nigeria News
- NRA promotion exam holds
- Ronaldo doesn’t guarantee Juventus the title, warns Allegri
- Kofi Anan dies in Switzerland
- NAFRC commandant pulled out from service
- Osun: Parties left out of ballot paper, INEC explains
- Nigeria loses N126.2Bn on abandoned FG properties in Lagos – Unilag Don
- Relatives protest as rescue efforts end at collapsed Abuja building
- Saraki, Ahmed under fire as EFCC tightens noose
- Your ambition a pipe dream, BMO tells Tambuwal
- Why 2019 elections may be delayed
- Story Of Woman & Her Two Daughters Impregnated By One Man
- See The Plane Biafra Leader Ojukwu Used In Fleeing From Nigeria During Civil War (Photos)
- Don't Expose Your Marriage to Your Mother if She Doesn't Respect The Word of God
- Lagos Big Boy, Mark Osigwe, Shot Dead By Assassins (Photos)
- We’ll Humiliate Saraki Out Of Office - APC Senator | He Replies
- Woman Shot Dead By NDLEA During Raid In Lagos
- EFCC Goes After Saraki, Gov. Ahmed Over N7Billion Bond
- APC Already Looking For A New Senate President?
- PRAYER FOR TODAY
- How To Get Your Glow Back After Having A Baby
- Housemaid Kills Her Madam By Smashing Her Head With Stone
- Saraki Arrives Akwa Ibom In Style, Received By Crowd (Photos)
- Businessman Killed By Cultists 'On Revenge Mission' In Delta
- Saraki’s 2019 Presidential Ambition Alters Calculations In PDP
- Two Dead, 20 Trapped As Building Collapsed In Abuja
- 2019: The Big Battle For PDP Presidential Ticket Hots Up
- Demolition of my N800m music house political –Yinka Ayefele
- Nigeria’s democracy under threat, says Moghalu
- CBN floods economy with lower Naira denominations
- Saraki declares for 2019
- Israeli PM in corruption scandal
- Lagos State Govt denies privatising water supply
- Sales of pre-registered SIM cards boom despite fines
- I promise better welfare ahead of NWPL resumption –Hon. Odunlade
- Falconets eliminated from World Cup
- FIFA rejects Dalung’s ministerial visit offer
- Dollar depreciates against Naira at parallel market
- INEC Releases 2019 General Elections Notice In Lagos
- I'm An Experienced Job Creator - Atiku
- GEJ To Nigerians: Don't Despair In The Face Of Persecution