Three tiers of government shares N473.8bn oil revenue in October

The Federation Account Allocation Committee has distributed the sum of four hundred and seventy three point eight billion naira to the three tiers of government as revenue accrue from the sale of crude oil in the month of October.

Federal Government received one hundred and ninty two billion naira representing fifty two point six eight percent, states, ninety seven point four billion, which translates to twenty six point seven two percent while local governments got seventy five point one billion naira, amounting to twenty point six per cent.

The oil producing region received twenty four point one four billion as its thirteen percent derivation.

Speaking to news men at the end of her maiden FAAC meeting in Abuja, the Finance Minister, Kemi Adeosun said gross revenue of four hundred poin three billion naira was realised against the preceding month’s three hundred and twenty two billion by a margin of seventy eight point three billion.

The minister attributed the increase to significant improvement recorded in the non oil revenue which was one hundred and four point two billion naira better than the month of September.

She also noted that the Nigeria National Petroleum Corporation refunded six point three billion naira to the committee and exchange gain of seven billion naira received also formed the money distributed

Mrs Adeosun however noted that the the nation’s Excess Crude Account remain unchanged at two point three billion naira.