FAAC DISTRIBUTES N369.8BILLION TO THE THREE TIERS OF GOVERNMENT

The Federation Account Allocation Committee distributed the sum of three hundred and sixty nine point eight billion naira to the three tiers of government as revenue from the sale of crude oil in the month of November.
Federal Government received one hundred and thirty nine point five billion naira representing fifty two point six eight percent, states, seventy point seven billion, which translates to twenty six point seven two percent while local governments got fifty four point five billion naira, amounting to twenty point six per cent.

The oil producing region received twenty five point six billion as its thirteen percent derivation.

Speaking on the outcome of the FAAC meeting in Abuja, the Finance Minister, Kemi Adeosun said gross revenue of two hundred and ninety seven point four billion naira was realised against the preceding month’s four hundred point three billion naira.

The minister attributed the one hundred and two point eight billion naira shortfall to a significant drop in the non oil revenue which was one hundred and fourteen point two billion naira worst than the month of October.

She also noted that the nation experienced revenue loss of nineteen point four million dollars as a result of reduction in federation export despite the average price of crude oil increased from forty seven dollar per barrel in September to forty nine point six in October.

The minister added that the Nigeria National Petroleum Corporation refunded six point three billion naira to the committee and exchange gain of four point nine billion naira received also formed the money distributed

Mrs Adeosun however noted that the the country’s Excess Crude Account remains at two point three billion dollars.